FxPro analyst said that AUDUSD recently reversed up from the support area lying between the round support level 0.7000 (which stopped the weekly downtrend with the weekly Hammer in October) and the lower weekly Bollinger Band.
The upward reversal from this support area stopped the previous weekly downward impulse wave ③ from last December.
Given the strength of the aforementioned support area and the oversold reading on the weekly Stochastic indicator – AUDUSD is expected to rise further and re-test the next resistance level 0.7200.
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