AUDUSD Wave Analysis 23 August 2024

– AUDUSD approached key resistance level 0.6795

– Likely to rise to resistance level 0.6865

AUDUSD currency pair just approached the key resistance level 0.6795 (which stopped the previous minor correction 2 at the start of July) standing above the upper daily Bollinger Band.

The subsequent price behavior near the resistance level 0.6795 will affect how this currency pair will move in the coming trading sessions.

If the pair closes above the resistance level 0.6795, AUDUSD can then be expected to rise to the next resistance level 0.6865 (former multi-month high from December). Alternatively, AUDUSD can correct down to 0.6700.