AUDUSD Wave Analysis 5 September 2024

– AUDUSD reversed from support level 0.6700

– Likely to rise to resistance level 0.6800

AUDUSD currency pair recently reversed up from the support level 0.6700 (which also reversed the price at the end of August) standing near the 20-day moving average.

The support level 0.6700 was further strengthened by the 38.2% Fibonacci correction of the sharp upward impulse C from the start of August.

Given the strength of the support level 0.6700, AUDUSD currency pair can be expected to rise further to the next resistance level 0.6800 (which stopped the previous waves a, iii and 2).