AUDUSD Wave Analysis – 12 February, 2020

• AUDUSD reversed from support area
• Likely to rise to 0.6775

AUDUSD recently reversed up from the support area lying between the long-term support level 0.6675 (which has been reversing the price from the start of 2019) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave (i) from last month.

Given the bullish Stochastic divergence – AUDUSD is likely to rise further toward the next resistance level 0.6775 (top of the previous correction (iv)).