Technical analysis

AUDUSD Wave Analysis – 3 June, 2022

AUDUSD Wave Analysis – 3 June, 2022

• AUDUSD reversed from resistance level 0.7265
• Likely to fall to support level 0.7200

AUDUSD today reversed down exactly from the key resistance level 0.7265 (top of the previous minor correction (iv) from last month) intersecting with the 50% Fibonacci correction of the downward impulse 1 from April and the upper daily Bollinger Band.

The downward reversal from the resistance level 0.7265 stopped the earlier short-term upward impulse wave (i).

AUDUSD can be expected to fall further toward the next support level 0.7200 (former minor resistance from the end of May).

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