• AUDUSD reversed from support area
• Further gains are likely
AUDUSD recently reversed up sharply from the powerful the support area lying between strong, multi-month support level 0.7330 (which also reversed the price sharply in May of 2017) and lower weekly Bollinger Band.
The upward reversal from this support area is likely to create the weekly Japanese candlesticks reversal pattern Hammer.
With the oversold weekly Stochastic, AUDUSD is likely to rise further and re-test the next resistance level 0.7500 (former strong support from 2017). Strong support remains at 0.7330.
