Technical analysis

AUDUSD Wave Analysis – 24 February 2023

• AUDUSD broke key support level 0.6800

• Likely to fall to support level 0.6700

AUDUSD currency pair recently broke the key support level 0.6800 (which formed the daily Hammer earlier this month) intersecting with the daily up channel from November and the 38.2% Fibonacci correction of the previous upward impulse from October .

The breakout of the support level 0.6800 continues the active short-term correction 2.

Given the widespread USD dollar bullishness, AUDUSD can be expected to fall further toward the next support level 0.6700 (target price for the completion of the active wave 2).

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