Technical analysis

AUDUSD Wave Analysis – 31 May 2023

– AUDUSD reversed from resistance level 0.6565

– Likely to fall to support level 0.6400

AUDUSD currency pair recently reversed down from the key resistance level 0.6565 (former strong support from March and April, acting as the resistance after it was broken).

The downward reversal from the resistance level 0.6565 continues the impulse wave 3 of the  intermediate downward impulse sequence (3) from the start of May.

AUDUSD can be expected to fall further toward the next support level 0.6400, target price for the completion of the active impulse wave 3.

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