Blue lines- Fibonacci retracement levels
Red lines- Fibonacci extension levels
AUDUSD is making new short-term higher highs and higher lows. Price has broken above the 38% Fibonacci retracement resistance and has potential to reach 50% or even 61.8% retracement. The 0.7250 price level is between the 50% and 61.8% retracement levels and equal to the first upward movement. This is the most probable target for AUDUSD. The RSI has not reached overbought levels. Support is at 0.6860 (major) and at 0.6950 (secondary but important). Momentum remains bullish. No sign of a reversal. On the contrary, the break above 0.7010 has strengthened bulls.