AUD/USD reversed from strong resistance zone
- AUD/USD reversed from strong resistance zone
- Next sell targets - 0.7500 and 0.7400
AUD/USD has been falling in the last two weeks inside the intermediate impulse wave (3) – which started earlier – when the pair reversed down from the strong resistance zone lying between the resistance levels 0.7700 and 0.7800 (which also earlier reversed the previous primary ABC correction ②, as can be seen below). The downward reversal from this resistance zone created the weekly Japanese candlesticks reversal pattern Falling Star.
AUD/USD is expected to fall down further to the next sell target at the support level 0.7500 – the breakout of which can lead to further losses toward 0.7400.