AUDUSD Wave Analysis 2 March, 2021

• AUDUSD reversed from support level 0.7730

• Likely to rise to resistance level 0.7870

AUDUSD recently reversed up from the support level 0.7730 (which has been reversing the price from the middle of February) – intersecting with the 61.8% Fibonacci correction of the upward impulse (1) from February.

The upward reversal from the support level 0.7730 started the active impulse wave (3).

Given the prevailing uptrend and the clear bullish AUD sentiment seen today – AUDUSD is likely to rise further toward the next resistance level 0.7870.