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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDUSD

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