AUDUSD Wave Analysis – 11 July, 2022

• AUDUSD reversed from resistance level 0.6850

• Likely to fall to support level 0.9870

AUDUSD currency pair recently reversed down from the key resistance level 0.6850 (former strong support which reversed the pair sharply in May and June).

The downward reversal from the resistance level 0.6850 stopped the earlier minor ABC correction (ii).

Given the clear daily downtrend, AUDUSD can be expected to fall further toward the next support level 0.9870 (low of the previous minor impulse wave i).