AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/USD reversed from support zone
2021-11-11 • Updated
- AUD/USD reversed from support zone
- Next buy target - 0.7670
AUD/USD continues to rise after the earlier sharp upward reversal from the support zone lying between the strong support level 0.7500 (which reversed the earlier minor ABC correction (iv) in March, as can be seen from the daily AUD/USD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the c-wave of the earlier ABC correction 2 from March.
AUD/USD is expected to rise further to the next buy target at the resistance level 0.7670 (top of the previous (b)-wave from March).
Intraday and swing scenarios based on price action and volume profile.
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