- AUDUSD reversed from support area
- Likely to rise to 0.7165
AUDUSD continues to rise after the pair reversed up sharply from the support zone located between the key round support level 0.7000 (former strong resistance from June and July), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the preceding upward impulse from May. AUDUSD advance can also be attributed to the sharp rise in the risk-on sentiment across the FX markets on the expectations of Biden’s victory in U.S. elections.
Considering the, longer-term uptrend, the strength of the nearby support zone and the rising bearish Australian dollar sentiment – AUDUSD is expected to continue the upward movement toward the next resistance level 0.7165 (former multi-candle resistance from the end of October).