Technical analysis

AUDUSD Wave Analysis – 18 September, 2019

AUDUSD Wave Analysis – 18 September, 2019
  • AUDUSD reversed from resistance zone
  • Further losses are likely

AUDUSD under bearish pressure today after the earlier downward reversal from the resistance area lying between the resistance level 0.6870 (former monthly support from the middle of May), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse C from July.

The downward reversal from this resistance zone began the active short-term corrective wave 4.

AUDUSD is expected to fall further and retest the next pivotal support level 0.6800 (target price for the completion of wave 4 and the former strong resistance which reversed the price multiple times in August).

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