Categories: Technical analysis

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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDUSD

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