Technical analysis

AUDUSD Wave Analysis 28 August 2023

– AUDUSD reversed from the support level 0.6400

– Likely to rise to resistance level 0.6500

AUDUSD currency pair recently reversed up from the support level 0.6400, which has been reversing the pair since last November.

The support level 0.6400 was strengthened by the nearby lower daily Bollinger Band and the support trendline of the wide down channel from February.

Given the strength of the support level 0.6400, AUDUSD currency pair can be expected to rise further toward the next resistance level 0.6500 (former multi-month support from May).

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