AUDUSD Wave Analysis 17 February, 2021

• AUDUSD reversed from resistance level 0.7800

• Likely to fall to support level 0.7700

AUDUSD recently reversed down from the resistance level 0.7800, strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 0.7800 created the daily candlestick reversal pattern Bearish Engulfing – which stated the active wave 2.

Given the strong USD bullishness seen today – AUDUSD is likely to fall further toward the next support level 0.7700.