AUDUSD Wave Analysis 16 October 2023

– AUDUSD reversed from support level 0.6300

– Likely to rise to resistance level 0.6400

AUDUSD recently reversed up from the key support level 0.6300 (former monthly low from November) coinciding with the support trendline of the weekly down channel from February.

The support level 0.6300 was further strengthened by the lower daily Bollinger Band.

Given the strength of the support level 0.6300, AUDUSD can be expected to rise further toward the next resistance level 0.6400.