AUDUSD Wave Analysis – 21 November, 2022

• AUDUSD reversed from resistance level 0.6725

• Likely to fall to support level 0.6500

AUDUSD recently reversed down from the key resistance level 0.6725 (former multi-month low from July), strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse 1 from August.

The downward reversal from the resistance level 0.6725 stopped the previous short-term corrective wave 2 from October.

Given the strongly bullish USD sentiment seen today – AUDUSD can be expected to fall further toward the next support level 0.6500 (former resistance from October).