AUDUSD Wave Analysis 5 April, 2021

• AUDUSD reversed from support level 0.7580

• Likely to reach resistance level 0.7700

AUDUSD currency pair recently reversed with the daily Hammer from the key support level 0.7580 (which has been reversing the price from the end of December).

The support zone near the support level 0.7580 was further strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from November.

AUDUSD is likely to rise further toward the next resistance level 0.7700 (former support from March and the target for the completion of wave 1).