Given the strength of the support level 0.7000, strong daily uptrend and the bearish US dollar sentiment seen across the FX markets today, AUDUSD currency pair be expected to rise to the next resistance level 0.7150 (which has been reversing the price from the start of February).
- AUDUSD reversed from support area
- Likely to rise to resistance level 0.7150
AUDUSD currency pair recently reversed up from the support area between the round support level 0.7000 (which reversed the price multiple times from the start of March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from January. The upward reversal from this support area is currently forming the daily Japanese candlesticks reversal pattern Piercing Line – the pair also previously created the daily Hammer and the Morning Star Japanese candlesticks reversal patterns at the start of March, as you can see from the daily AUDUSD chart below.
Given the strength of the support level 0.7000, strong daily uptrend and the bearish US dollar sentiment seen across the FX markets today, AUDUSD currency pair be expected to rise to the next resistance level 0.7150 (which has been reversing the price from the start of February).
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