- AUDUSD reversed from support level 0.6850
- Likely to rise to resistance level 0.7000
AUDUSD currency pair recently reversed up from the key support level 0.6850 (which stopped the earlier sharp downward impulse wave 1 in the middle of May).
The upward reversal from the support level 0.6850 is likely to create the daily Japanese candlesticks reversal pattern Bullish Engulfing – a strong buy signal for this currency pair.
Given the oversold daily Stochastic, AUDUSD can be expected to rise further toward the next round resistance level 0.7000.