Wed, Nov 30, 2022 @ 15:04 GMT

AUDUSD Wave Analysis

  • AUDUSD broke key support level 0.6500
  • Likely to fall to support level 0.6300

AUDUSD currency pair recently broke the key support level 0.6500 coinciding with the support trendline of the wide down channel from the middle of April.

The breakout of the support level 0.6500 accelerated the active short-term impulse waves iii and (iii) – which belongs to the sharp impulse wave C from the start of August.

Given the overriding daily downtrend, AUDUSD can be expected to fall further toward the next support level 0.6300 (target for the completion of the active short-term impulse waves iii).

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