Technical analysis

AUDUSD Wave Analysis 16 November 2023

– AUDUSD reversed from resistance level 0.6500

– Likely to fall to support level 0,6400
AUDUSD currency pair recently reversed down from pivotal resistance level 0.6500 (former strong support from May, which has been reversing the price from August) intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 0.6500 stopped the previous minor ABC correction 4.

Given the clear daily downtrend and the strong bullish USD sentiment, AUDUSD currency pair can be expected to fall further toward the next support level 0,6400.

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