AUDUSD Wave Analysis 19 February, 2021

• AUDUSD broke resistance level 0.7800

• Likely to test resistance level 0.8000

AUDUSD under the strong bullish pressure following the earlier breakout of the pivotal resistance level 0.7800 (which reversed the price multiple times from the start of January).

The breakout of the resistance level 0.7800 continues the predominant uptrend that can be seen on the daily AUDUSD charts.

Given the strongly bullish AUD sentiment seen today – AUDUSD can be expected to rise further toward the next resistance level 0.8000 (likely price for the completion of the active impulse wave (3)).