AUDUSD currency pair can be expected to rise to the next resistance level 0.6450 (target price for the completion of the active wave 4).
- AUDUSD broke key resistance level of 0.6300
- Likely to rise to resistance level 0.6450
AUDUSD currency pair recently broke above the key resistance level of 0.6300 (which has been continuously reversing this currency pair from the start of this year, as can be seen from the weekly AUDUSD chart below). The breakout of the resistance level of 0.6300 strengthened the bullish pressure on this currency pair, which accelerated the active short-term corrective wave 4, which belongs to the weekly downward impulse sequence (3) from the September of 2024. The active wave 4 started earlier form the major multi-year support level, which has been reversing the price from the end of 2022.
Given the strength of the active impulse wave 1 the continuation of the bearish US dollar sentiment that can be seen across the FX markets today, AUDUSD currency pair can be expected to rise to the next resistance level 0.6450 (target price for the completion of the active wave 4).
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