AUDUSD Wave Analysis

  • AUDUSD reversed from key support level 0.6580
  • Likely to rise to resistance level 0.6700

AUDUSD currency pair recently reversed up from the key support level 0.6580 (which has been reversing the price from the start of May) coinciding with the lower daily Bollinger Band.

The support level 0.6580 was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from April.

Given the strength of the support level 0.6580 and the strong USD sales, AUDUSD currency pair can be expected to rise further to the next resistance level 0.6700, which stopped the previous waves 2, iv and ii.

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