AUDUSD Wave Analysis – 28 October, 2022

• AUDUSD reversed from resistance level 0.6500

• Likely to fall to support level 0.6300

AUDUSD recently reversed down from the resistance level 0.6500 (which reversed the pair multiple times at the end of September), standing close to the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from September.

The downward reversal from the resistance level 0.6500 stopped the earlier shot-term correction (iv) .

Given the clear daily downtrend, AUDUSD can be expected to fall further toward the next support level 0.6300.