Technical analysis

AUDUSD Wave Analysis 6 September 2023

– AUDUSD reversed from key support level 0.6360

– Likely to rise to resistance level 0.6440

AUDUSD currency pair recently reversed up from the key support level 0.6360 (previous monthly low from August), intersecting with the support trendline of the wide weekly down channel from February.

The support level 0.6360 was further strengthened by the lower daily Bollinger Band.

Given the strength of the support level 0.6360 and the bullish divergence on the daily Stochastic, AUDUSD can be expected to rise further toward the next resistance level 0.6440.

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