Technical analysis

AUDUSD Wave Analysis 6 November 2023

– AUDUSD reversed from resistance level 0.6500

– Likely to fall to support level 0.6450

AUDUSD currency pair recently reversed down from the pivotal resistance level 0.6500 (former strong support from May, which has been reversing the pair from the end of August).

The resistance level 0.6500 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous downward impulse from July.

Given the predominant daily downtrend, AUDUSD can be expected to fall further toward the next support level 0.6450.

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