AUD/USD is currently trading close to the strong support zone surrounding the support level 0.9250. This support zone is strengthened by the lower support trendline of the daily up channel from January (which has enclosed the preceding primary corrective wave ②), the 38.2% Fibonacci Correction of the earlier upward (C)-wave and 200-day moving average.
If AUD/USD reverses up from this support zone it can be expected to rise to the next buy target at 0.9440. Alternatively, if the pair breaks below 0.9250, it can fall further to 0.9140.
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