Technical analysis

AUDUSD Wave Analysis 23 October 2023

– AUDUSD reversed from key support level 0.6300

– Likely to rise to resistance level 0.6400

AUDUSD currency pair recently reversed up from the key support level 0.6300 (which has been reversing the pair from November).

The support level 0.6300 was strengthened by the lower daily Bollinger Band and by the support trendline of the weekly down channel from February.

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

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