AUDUSD Wave Analysis – 8 December, 2021

• AUDUSD reversed from round support level 0.7000

• Likely to rise to resistance level 0.7200

AUDUSD currency pair recently reversed up from the round support level 0.7000, intersecting with the lower weekly Bollinger Band.

The support zone near the support level 0.7000 was further strengthened by the 38.2% Fibonacci correction of the weekly upward impulse I from the start of 2020.

Given the strength of the nearby support level 0.7000 and oversold weekly Stochastic, can be expected to rise further toward the next resistance level 0.7200.