AUDUSD Wave Analysis (30.11)

• AUDUSD reversed from resistance area
• Further losses are likely

AUDUSD recently reversed down from the resistance area lying between the pivotal resistance level 0.7340 (which has reversed the price multiple times from the middle of August) and the upper daily Bollinger Band.

The resistance zone near the resistance level 0.7340 was further strengthened by the 50% Fibonacci correction level of the previous extended downward impulse 1 from June.

AUDUSD is expected to fall further and re-test the next support level 0.7190 (which reversed the previous minor corrections (a) and (c)).