• AUDUSD reversed from support zone
• Further gains are likely
AUDUSD recently reversed up from the support zone lying between the key, long-term support level 0.7200 (which has been reversing the price from the middle of 2016, as can be seen from the weekly AUDUSD chart below) and the lower weekly Bollinger Band.
The upward reversal from this support zone started the active medium-term impulse wave (1) – which belongs to impulse wave III.
AUDUSD is expected to rise further in the active medium-term impulse wave (1) and retest the next resistance level 0.7400 (target price for the completion of the active impulse wave (1)).