AUDUSD Wave Analysis – 20 May, 2022

• AUDUSD reversed from resistance area
• Likely to fall to support level 0.700

AUDUSD recently reversed down from the resistance area lying at the intersection of the resistance level 0.7050, 20-day moving average and the 50% Fibonacci correction of the impulse wave 1 from the start of May.

The downward reversal from this resistance area stopped the earlier minor corrective wave 2.

Given the moderate USD bullish sentiment – AUDUSD can be expected to fall further toward the next round support level 0.7000 .