Categories: Technical analysis

AUDUSD Wave Analysis 18 June 2024

– AUDUSD reversed from key support level 0.6580

– Likely to rise to resistance level 0.6700

AUDUSD currency pair recently reversed up from the key support level 0.6580 (which has been reversing the price from the start of May) coinciding with the lower daily Bollinger Band.

The support level 0.6580 was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from April.

Given the strength of the support level 0.6580 and the strong USD sales, AUDUSD currency pair can be expected to rise further to the next resistance level 0.6700, which stopped the previous waves 2, iv and ii.

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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Tags: AUDUSD

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