AUDUSD Wave Analysis – 3 February 2023

 • AUDUSD reversed from resistance level 0.7130

• Likely to fall to support level 0.6875

AUDUSD currency pair recently reversed down from the resistance level 0.7130 (previous monthly high from August), standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 0.7130 created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

Having just broken below the round support level 0.7000, AUDUSD currency pair can be expected to fall further toward the next support level 0.6875.