AUDUSD Wave Analysis – 23 January, 2023

• AUDUSD reversed from support level 0.6885

• Likely to rise to resistance level 0.7060

AUDUSD currency pair recently reversed up with the daily Bullish Engulfing from the key support level 0.6885 (previous monthly high from the start of December).

The support level 0.6885 was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from the middle of December.

AUDUSD currency pair can be expected to rise further toward the next resistance level 0.7060 (top of the previous daily shooting star from last week).