Technical analysis

AUDUSD Wave Analysis – 11 May 2023

• AUDUSD reversed from resistance level 0.6765

• Likely to fall to support level 0.6650

AUDUSD currency pair recently reversed down from the pivotal resistance level 0.6765 (which has been steadily reversing the price from the start of March).

The resistance level 0.6765 was strengthened by the upper daily Bollinger Band and by the intersecting 38.2% Fibonacci correction of the downward impulse (1) from February.

AUDUSD can be expected to fall further in the active minor correction toward the next support level 0.6650.

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