AUDUSD Wave Analysis – 8 November, 2022

• AUDUSD broke key resistance level 0.6500

• Likely to rise to resistance level 0.6700

AUDUSD currency pair recently broke the key resistance level 0.6500 (which has been reversing the price from the end of September), intersecting with the 38.2% Fibonacci correction of the downward impulse from August.

The breakout of the resistance level 0.6500 accelerated the active impulse waves i and (c), which belong to the ABC retracement 2 from the middle of October.

AUDUSD currency pair be expected to rise further toward the next resistance level 0.6700 (former multi-month support from July).