AUDUSD Wave Analysis – 23 June, 2020

• AUDUSD reversed from support zone
• Likely to rise 0.7030

AUDUSD recently reversed up from the support area lying at the intersection of the pivotal support level 0.6800 (which also reversed the price earlier this month), support trendline of the daily up channel form April and the 38.2% Fibonacci retracement of the previous upward impulse from the middle of May.

The upward reversal from this support zone continues the active medium-term upward impulse sequence ③.

Given the strong bearish dollar sentiment seen today – AUDUSD is likely to rise further toward the next resistance level 0.7030 (which stopped earlier impulses in December and at the start of June).