Technical analysis

AUDUSD Wave Analysis 30 October 2023

– AUDUSD reversed from key support level 0.6300

– Likely to rise to resistance level 0.6425

AUDUSD recently reversed up from the key support level 0.6300, which has been steadily reversing the index from the start of October.

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

Given the strong USD sales, AUDUSD can be expected to rise further toward the next resistance level 0.6425 (top of the previous correction ii).

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