AUD/USD Technical Wave Analysis: Breakout Above 0.6960 Hints at Advance to 0.7050

The AUD/USD currency pair has recently breached the resistance level at 0.6960, which had previously halted a minor impulse wave (i). This breakout aligns with the 50% Fibonacci retracement of the downward impulse recorded from June.

The move through 0.6960 extends the active short-term impulse wave 1 within the broader impulse sequence (1) that began in June.

Price action is now anticipated to advance toward the next resistance at 0.7050, which is the projected target for the completion of the ongoing impulse wave 3.

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