AUDUSD Wave Analysis – 05 February, 2020

• AUDUSD reversed from support area
• Likely to rise to 0.6800

AUDUSD recently reversed up with the daily Morning Star from the support area lying between the key support level 0.6675 (which has been reversing the price from August) and the lower daily Bollinger Band.

The upward reversal from this support area started the active short-term corrective wave 4.

Given the prevailing bullish sentiment affecting the Australian Dollar at the moment – AUDUSD is likely to rise further toward the next resistance level 0.6800 (target for the completion of the active correction (iv)).