AUDUSD broke out of its long term descending resistance line and horizontal overlap support level at 0.7834 (23.6% Fibonacci retracement , horizontal overlap support). A strong reaction could occur at this level pushing its price up to our next resistance level at 0.7891 (horizontal overlap resistance, 61.8% Fibonacci retracement , 100% Fibonacci extension ). A breakout of this level could potentially push price up to our next major resistance at 0.79868 (horizontal overlap resistance, 61.8% Fibonacci retracement ).
RSI (55) is also seeing a bullish exit and a breakout of its long term descending resistance line, a good precursor for further potential rise in price.
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