AUDUSD Wave Analysis – 9 November, 2022

• AUDUSD reversed from resistance 0.6515

• Likely to fall to support level 0.6300

AUDUSD currency pair recently reversed down from the key resistance 0.6515 (which has been reversing the pair from the end of September) – standing near the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from August.

The downward reversal from the resistance 0.6515 stopped the earlier short-term correction 2.

Given the clear daily downtrend, AUDUSD can be expected to fall further toward the next support level 0.6300 (which reversed the price sharply at the start of this month).