AUDUSD Wave Analysis – 24 January, 2019

• AUDUSD reversed from resistance area
• Further losses are likely

AUDUSD recently reversed down from the resistance area located between the resistance level 0.7200, 100-day moving average, upper daily Bollinger Band and the resistance trendline of the daily down channel from the start of 2018.

The downward reversal from this resistance area started the active short-term impulse wave 3 – which belongs to the impulse wave (3).

AUDUSD is expected to fall further and re-test the next round support level 0.7000 (forecast price from the completion of the active impulse wave 3).