Technical analysis

AUDUSD Wave Analysis 11 February, 2021

AUDUSD Wave Analysis 11 February, 2021

• AUDUSD broke daily down channel

• Likely to reach resistance level 0.7800

AUDUSD recently broke the resistance trendline of the daily down channel from the start of January (which encloses the previous minor ABC correction 2).

The breakout of this down channel follows the active intermediate impulse wave (3) – which started earlier form the support area surrounding the support level 0.7570.

Given the clear daily uptrend – AUDUSD can be expected to rise toward the next resistance level 0.7800 (top of the previous waves (1) and B).\

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