AUDUSD Wave Analysis

• AUDUSD reversed from major support area
• Further gains are likely

AUDUSD recently reversed up from the major support area lying between the long-term area support level 0.6800 (which stopped the weekly downtrend at the start of 2016) and the lower Bollinger Band.

The upward reversal from the aforementioned support area created the weekly Japanese candlesticks reversal pattern Hammer (highlighted below).

AUDUSD is expected to rise further and re-test the next resistance level 0.7200 (intersecting with the weekly down channel from January of 2018).