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
- Australian Dollar Forecast: Major AUD/NZD Bottom May Soon Be Approaching
- British Pound Slips After Data, Still Tied to Range. Can GBP/USD Break Out Ahead of FOMC?
- How to Research Stocks: A Step by Step Guide
- Gold Price Outlook Turns to UofM Sentiment as US Dollar, Treasury Yields Rally
- New Zealand Dollar Outlook: NZD/USD Drops on US Dollar Bids, Wall Street Losses