Technical analysis

AUDUSD Wave Analysis – 7 March 2023

• AUDUSD broke support level 0.6660

• Likely to fall to support level 0.6600

AUDUSD recently broke the key support level 0.6660 (which stopped the earlier B-wave in December) intersecting with the 50% Fibonacci correction of the upward impulse from October.

The breakout of the support level 0.6660 accelerated the active C-wave of the intermediate ABC correction (B) from the start of February.

AUDUSD can be expected to fall further to the next support level 0.6600 (which reversed the pair in the middle of November).

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