Technical analysis

AUDUSD Wave Analysis 1 July 2024

– AUDUSD reversed from strong resistance zone

– Likely to fall to support level 0.6620

AUDUSD currency pair recently reversed down from the strong resistance zone located between the key resistance level 0.6685 (which has been steadily reversing the price from the start of May) and the upper daily Bollinger Band.

This resistance zone was further strengthened by the 61.8% Fibonacci correction of the previous downward impulse from December.

AUDUSD currency pair can be expected to fall further toward the next support level 0.6620 (former minor support from the end of June).

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