AUDUSD Wave Analysis 20 May, 2021

• AUDUSD reversed from support level 0.7700

• Likely to rise to resistance level 0.7845

AUDUSD recently reversed up from the pivotal support level 0.7700 (which stopped the previous corrections (a) and 4) – strengthened by the lower daily Bollinger Band.

The price will form the daily candlesticks reversal pattern Bullish Engulfing if the price closes today near the current levels.

AUDUSD is likely to rise further toward the next resistance level 0.7845 (former monthly high from March – which also stopped the previous wave (1)).