AUDUSD reversed from the resistance level 0.7100

• AUDUSD reversed from the resistance level 0.7100
• Further losses are likely

AUDUSD recently reversed down from the key resistance level 0.7100 (former strong support from the middle of February).

This support level was further strengthened by the 50% Fibonacci correction of the previous downward impulse 1 from last month.

AUDUSD is expected to fall further in the active impulse waves 3 and (3) and re-test the next round support level 0.7000 (which stopped the previous impulse wave 1).