Categories: Technical analysis

AUDUSD Wave Analysis – 17 August, 2020

• AUDUSD reversed from support level 0.7100

• Likely to rise to 0.7250

AUDUSD recently reversed up from the key support level 0.7100 (which stopped the two previous corrective waves A and (4)).

The support area near the support level 0.7100 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from June.

AUDUSD is likely to rise further toward the next resistance level 0.7250 (top of the previous mid-term impulse wave (5)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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