AUDUSD: ⬇️ Sell
– AUDUSD broke key support level 0.7050
– Likely to fall to support level 0.6940
AUDUSD currency pair recently reversed down from the key resistance zone located between the resistance zone 0.7235 (which previously stopped the major upward wave (1) in May) and the upper resistance line of the daily up channel from June.
The subsequent downward movement resulted in a clear breakout below both the lower support trendline of the daily up channel and the horizontal support level 0.7050. This breakout accelerated the active minor impulse wave i belonging to intermediate corrective wave C of wave (2).
AUDUSD currency pair can be expected to fall further toward the next key support level 0.6940 former low of wave 2 from June.