September 29, 2020 at 03:14PM
• AUDUSD reversed from round support level 0.7000
• Likely to rise to 0.7200
AUDUSD recently reversed up with the daily Bullish Engulfing from the round support level 0.7000 (former resistance from June and July) – strengthened by the lower daily Bollinger Band and the 38.2% Fibonacci retracement of the upward impulse from May.
The upward reversal from the support level 0.7000 started the active medium-term impulse wave (1).
Given the overriding daily uptrend – AUDUSD is likely to rise toward the next resistance level at 0.7200 (former low of the previous correction (A)).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/audusd-wave-analysis-29-september-2020-20200929/
Selected by fonecable.com
- Crude Oil Over Crypto
- US Dollar Price Action Setups pre-CPI: EUR/USD, GBP/USD, USD/JPY
- Cathie Wood & Ark: Insiders Aren’t Buying the Hype
- Breaking News: ECB Holds Rates, Setting up July and September for Fireworks
- Currency Carry Trade: What is it and how does it work?