AUDUSD Wave Analysis – 5 July, 2019
July 05, 2019 @ 17:16 UTC
- AUDUSD reversed from resistance area
- Further losses are likely
AUDUSD recently reversed down from the resistance area lying between the resistance level 0.7020 (previous monthly high from June), upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from April.
The downward reversal from this resistance area is likely to create the daily Evening Star – if the price closes this week near the active levels.
AUDUSD is expected to fall further and retest the next support level 0.6950 (support from the start of July).