AUDUSD Wave Analysis 23 August 2023

– AUDUSD reversed from support level 0.6400

– Likely to rise to resistance level 0.6500

AUDUSD currency pair recently reversed up from the key support level 0.6400, which also reversed the pair In November, standing near the lower daily Bollinger Band and the support trendline of the daily down channel from February.

The upward reversal from the support level 0.6400 stopped the earlier short-term impulse wave 3 from the middle of July.

Given the strength of the support level 0.6400 and the oversold daily Stochastic, AUDUSD can be expected to rise further toward the next resistance level 0.6500.