AUDUSD Wave Analysis 16 December 2024

– AUDUSD reversed from support zone

– Likely to rise to resistance level 0.6400

AUDUSD currency pair recently reversed up from the support area set between the strong support level 0.6350 (which has been reversing the price from 2023, lower border of the weekly sideways price range) and the lower weekly Bollinger Band.

The upward reversal from the support zone stopped the previous impulse waves 3 and (3).

Given the oversold weekly Stochastic and the strength of the support level 0.6350, AUDUSD currency pair can be expected to rise further to the next resistance level 0.6400.