AUDUSD Wave Analysis – 27 January, 2023

• AUDUSD reversed from long-term resistance level 0.7110

• Likely to fall to support level 0.7000

AUDUSD currency pair recently reversed down from the long-term resistance level 0.7110 (former top of wave (2) from the start of August).

The downward reversal from the resistance level 0.7110 stopped the earlier impulse waves (C) and 3 .

Given the strong daily downtrend, AUDUSD currency pair can be expected to fall toward the next support level 0.7000.