AUDUSD Wave Analysis – 20 November , 2018
November 20, 2018 @ 19:13 UTC
- AUDUSD reversed from resistance area
- Further losses are likely
AUDUSD continues to after the earlier downward reversal from the resistance area lying between the strong resistance level 0.7300 (which stopped the previous correction (4)), 30-week moving average and the 61.8% Fibonacci correction of the previous downward impulse from August.
The downward reversal from this resistance area is aligned with the strong downtrend that can be seen on the weekly AUDUSD charts.
AUDUSD is expected to fall further and re-test the next support level 0.7200 (which reversed the price earlier this month).