Technical analysis

AUDUSD Wave Analysis – 15 May, 2024

• AUDUSD broke key resistance level 0.6650

• Likely to reach resistance level 0.6760

AUDUSD currency pair recently broke the key resistance level 0.6650, which has been reversing the pair from the start of March.

The breakout of the resistance level 0.6650 coincided with the breakout of the 61.8% Fibonacci correction of the downward correction from the end of December – which accelerated the active impulse wave 3.

Given the strongly bearish USD sentiment, AUDUSD currency pair can be expected to rise further toward the next resistance level 0.6760, former resistance from January and the target for the completion of the active wave 2.

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