AUDUSD Technical Analysis Report 31 May, 2021

• AUDUSD reversed from support level 0.7670
• Likely to rise to resistance level 0.7800

AUDUSD currency pair today reversed up from the long-term support level 0.7670 (which has been reversing the pair from the middle of April) – coinciding with the lower daily Bollinger Band and 61.8% Fibonacci correction of the upward impulse (1) from March.. The upward reversal from the support level 0.7670 stopped the previous intermediate ABC correction (2).

Given the prevailing uptrend and the rising Australia dollar sentiment seen across the FX markets today – AUDUSD currency pair can be expected to rise further toward the next resistance level 0.7800 (top of the previous minor corrections 3, (b) and B).

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