Technical analysis

AUDUSD Wave Analysis – 3 May 2023


• AUDUSD reversed from key support level 0.6600

• Likely to rise to resistance level 0.6750

AUDUSD currency pair recently reversed up strongly from the key support level 0.6600 (which has been reversing the pair from November), standing close to the lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from October.

The upward reversal from the support level 0.6600 stopped the previous short-term impulse wave 3 of the impulse wave (3) from April.

AUDUSD can be expected to rise further toward the next resistance level 0.6750 (which stopped the previous waves 4, A, (2) and 2).

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