AUDUSD Wave Analysis – 18 March, 2020

• AUDUSD broke multi-year support level 0.6000
• Likely to fall to 0.5500

AUDUSD recently broke sharply below the powerful, multi-year support level 0.6000 (which stopped the multi-month downtrend at the end of 2018, as can be seen from the monthly AUDUSD chart below).

The breakout of the support level 0.6000 accelerated the active long-term downward impulse sequence (3) from the end of 2019.

AUDUSD is likely to fall further toward the next support level 0,5500 (target price for the termination of the active impulse wave (3)).