AUDUSD Wave Analysis 16 August 2023

– AUDUSD broke support level 0.6460

– Likely to fall to support level 0.6400

AUDUSD currency pair under the bearish pressure after breaking below the key support level 0.6460 (which stopped the previous intermediate impulse wave (1) at the end of May).

The breakout of the support level 0.6460 accelerated the active impulse wave 3 of the higher impulse wave (3) from June.

Given the clear daily downtrend and strong USD gains, AUDUSD can be expected to fall further toward the next support level 0.6400 (target price for the completion of the active impulse wave 3).