AUDUSD Wave Analysis – 16 March, 2020

• AUDUSD under bearish pressure
• Likely to fall to 0.6000

AUDUSD under bearish pressure after the earlier breakout of the support level 0.6300 (bottom of the previous daily Hammer from the start of March).

The breakout of the support level 0.6300 accelerated the active short-term impulse wave 5 – which belongs the sharp intermediate downward impulse wave (C) from December.

With the overriding bearish Australian dollar sentiment seen today AUDUSD is likely to extend the losses toward the next support level 0.6000 (likely price for the termination of the active impulse wave 5).