AUD/USD broke resistance zone

AUD/USD broke resistance zone

2019-11-11 • Updated

  • AUD/USD broke resistance zone
  • Next buy target - 0.7670

AUD/USD continues to rise after the recent breakout of resistance zone lying at the intersection of the key resistance level 0.7600 (which reversed the previous minor (b)-wave in April) and the 61.8% Fibonacci correction of the previous sharp downward impulse from the middle of March. The breakout of this resistance zone accelerated both of the active minor impulse waves iii, (iii) and 3. AUD/USD is expected to rise to the next buy target at the next resistance level 0.7670 (forecast price for completion of the active impulse wave (iii)).

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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

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