AUD/USD is aiming for 0.7500
By Dima Chernovolov
• AUD/USD breaks through multiple support levels
• Likely to fall further to 0.7500
AUD/USD has been falling strongly recently – breaking multiple support levels over the last few weeks. First the pair broke below the support level 0.8650 in last November. The breakout of this support level accelerated the 1st intermediate impulse wave (1) of the active primary impulse ③ from last October. The pair then broke down below the next support level 0.8200 – after which it corrected up to retest this price level and after forming the Japanese candlestick reversal pattern Evening Star Doji – the pair reversed sharply down.
Most recently, AUD/USD broke the support level 0.7800 and the pair continues to fall sharply at the time of the writing. AUD/USD will, most probability, continue to fall toward the next support level 0.7500. It will need to break the weekly down channel from 2013 to reach this support level.