Technical analysis

AUDUSD Wave Analysis – 7 June, 2021

• AUDUSD reversed from support zone

• Likely to rise to resistance level 0.7800

AUDUSD currency pair recently reversed up from the support zone lying between the pivotal support level 0.7650 (which has been reversing the price from May), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from April.

The upward reversal from this support zone stopped the previous intermediate ABC correction (2).

AUDUSD can then be expected to rise further toward the next resistance level 0.7800 (top of the previous corrective waves (a) and B).

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