AUDUSD Wave Analysis – 18 August, 2022

• AUDUSD broke daily up channel

• Likely to fall to support level 0.6870

AUDUSD recently broke the support trendline of the daily up channel, inside which the pair has been rising from the middle of July.

The breakout of this up channel continues the active multi-impulse downward sequence made out of the impulse waves (iii) and C.

Given strong daily downtrend – AUDUSD can be expected to fall further toward the next support level 0.6870 (low of the previous correction (b)).