AUDUSD Wave Analysis 20 January, 2021

• AUDUSD reversed from key support level 0.7665

• Likely to rise to resistance level 0.7800

AUDUSD recently reversed up from the key support level 0.7665 – standing near the 38,2% Fibonacci correction level of the previous upward impulse wave 5 from the middle of December.

The support area near the support level 0.7665 was further strengthened by the support trendline of the narrow up channel from October

Give the clear uptrend – AUDUSD is expected to rise further toward the next key resistance level 0.7800 (top of wave B from the middle of January).