Categories: Technical analysis

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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDUSD

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