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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDUSD

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