AUDUSD Wave Analysis 14 May, 2021

• AUDUSD reversed from support area

• Likely to rise to resistance level 0.7845

AUDUSD recently reversed up from the support area lying between the support level 0.7700 (which has been reversing the price from April) and the lower daily Bollinger Band.

The support zone near the support level 0.7700 was further strengthened by the 50% Fibonacci correction of the upward impulse form the start of April.

AUDUSD is likely to rise further toward the next resistance level 0.7845 (which has been reversing the price from the middle of March).