AUDUSD Wave Analysis – 5 July, 2019

• AUDUSD reversed from resistance area
• Further losses are likely

AUDUSD recently reversed down from the resistance area lying between the resistance level 0.7020 (previous monthly high from June), upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from April.

The downward reversal from this resistance area is likely to create the daily Evening Star – if the price closes this week near the active levels.

AUDUSD is expected to fall further and retest the next support level 0.6950 (support from the start of July).