AUDUSD Wave Analysis 11 September 2023

– AUDUSD reversed from support level 0.6360

– Likely to rise to resistance level 0.6500

AUDUSD today reversed up strongly from the strong support level 0.6360 (pervious monthly low from August), intersecting with the lower daily Bollinger Band and the support trendline of the wide down channel from February.

The upward reversal from the support level 0.6360 stopped the active short-term impulse wave 5, which belongs to wave (C) from the end of August.

Given the strength of the support level 0.6360, AUDUSD can be expected to rise further toward the next resistance level 0.6500 (top of the pervious waves a and 4 from the end of August).