AUDUSD broke resistance level 0.7125

• AUDUSD broke resistance level 0.7125
• Further gains are likely

AUDUSD recently broke through the key resistance level 0.7125 (which has been steadily reversing the price from the end of January).

The breakout of the resistance level 0.7125 coincided with the breakout of the resistance trendline from January – which should accelerate the active short-term ABC correction 2.

AUDUSD is expected to rise further and re-test the next resistance level 0.7200 (monthly high from February and the target price for the completion of wave 2).