Bullish outlook on AUDUSD: 19 October 2022

On the M30 time frame, prices are approaching the support zone at 0.62880 which coincides with the ascending trend line, 61.8% Fibonacci retracement and 61.8% Fibonacci extension. A pullback to this zone could present an opportunity to play the bounce to the next resistance zone at 0.6304, in line with the graphical resistance level. A break above the 0.6340 intermediate resistance could provide the bullish acceleration to the next resistance zone at 0.6370. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.