AUDUSD Analysis 03 November, 2020

• AUDUSD rising inside impulse wave (1)

• Likely to rise to 0.7240                                                                                          

AUDUSD continues to rise strongly after the pair reversed up from the support area set between the round support level 0.7000 (former strong resistance from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May.

The upward reversal from this support area started the active short-term upward impulse wave (1).

AUDUSD is likely to rise further in the active impulse wave (1) toward the next resistance level 0.7240 (top of wave (C) from the start of October).#