AUDUSD currency pair can be expected to rise further toward the next resistance level 0.6620
– AUDUSD rising inside impulse wave (3)
– Likely to reach resistance level 0.6620
AUDUSD currency pair continues to rise inside the sharp upward impulse wave (3), which started recently from the powerful support area located between the multi-month support level 0.6350(which has been reversing the price from last November, as can be seen from the daily AUDUSD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the powerful daily Japanese candlesticks reversal pattern Hammer – which is standing far below the lower daily Bollinger Band – strong buy signal for this currency pair.
Given the strongly bullish Australian dollar sentiment seen across the currency markets today AUDUSD currency pair can be expected to rise further toward the next resistance level 0.6620 (former support from the end of June).
