AUDUSD Wave Analysis – 11 August, 2022

• AUDUSD broke resistance level 0.7050

• Likely to rise to resistance level 0.7150

AUDUSD currency pair recently broke the key resistance level 0.7050 (top of the earlier wave A from the start of August).

The breakout of the resistance level 0.7050 coincided with the breakout of the Fibonacci cluster made out of the 50% Fibonacci correction of the downward impulse from April and the 38.2% Fibonacci correction of the downward wave from June.

AUDUSD can be expected to rise further toward the next resistance level 0.7150 (target price for the completion of the active impulse wave (i)).