AUDUSD Wave Analysis 29 September, 2020
September 29, 2020 @ 17:14 +03:00
• AUDUSD reversed from round support level 0.7000
• Likely to rise to 0.7200
AUDUSD recently reversed up with the daily Bullish Engulfing from the round support level 0.7000 (former resistance from June and July) – strengthened by the lower daily Bollinger Band and the 38.2% Fibonacci retracement of the upward impulse from May.
The upward reversal from the support level 0.7000 started the active medium-term impulse wave (1).
Given the overriding daily uptrend – AUDUSD is likely to rise toward the next resistance level at 0.7200 (former low of the previous correction (A)).