AUDUSD Wave Analysis – 13 August, 2019

• AUDUSD reversed from support area
• Further gains are likely

AUDUSD recently reversed up sharply from the support area lying between the strong support level 0.6670 (which reversed the price in January), lower daily Bollinger Band and the support trendline of the daily down channel from December.

The upward reversal from this support area started the active short-term corrective wave (ii).

AUDUSD is expected to rise further and retest the next strong resistance level 0.6830 (former monthly low from June).