AUDUSD Wave Analysis – Action Forex
AUDUSD ⬆️ Buy
- AUDUSD reversed from the long-term support level 0.5945
- Likely to rise to resistance level 0.6400
AUDUSD currency pair recently reversed up from the support area between the major long-term support level 0.5945 (which started the sharp weekly uptrend in 2020) and the lower weekly Bollinger Band.
The upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Bullish Engulfing – strong buy signal for AUDUSD .
Given the clear bullish divergence on the weekly Stochastic indicator and the strongly bearish US dollar sentiment, AUDUSD currency pair can be expected to rise to the next resistance level 0.6400.
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