Technical analysis

AUDUSD Wave Analysis – 18 June, 2021

• AUDUSD broke support area

• Likely to fall to support level 0.7400

AUDUSD recently broke the support area lying between the major  support level 0.7530 (low of wave (A) from May) and the 50% Fibonacci correction of the upward impulse from October.

The breakout of this support area accelerated the active medium-term downward impulse wave (c).

AUDUSD can then be expected to fall further toward the next support level 0.7400 (target price for the completion of the active short-term impulse wave (iii)).

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