AUDUSD broke support level 0.7200

• AUDUSD broke support level 0.7200
• Further losses are likely

AUDUSD continues to fall inside the medium-term ABC correction (B) – which started earlier from the resistance area lying between the key resistance level 0.7380 (which also reversed the price in August), 200-day moving average and the upper daily Bollinger Band.

The pair today broke the support level 0.7200 (which reversed the price multiple times in November) – which strengthened the bearish pressure on this currency pair.

AUDUSD is expected to fall further and re-test the next round support level 0.7000 (which stopped the sharp extended downtrend in October).