AUD/USD: trade idea
- AUD/USD reached sell target 0.7640
- Next sell target - 0.7500
AUD/USD has been falling sharply in the last few trading sessions – breaking the support level 0.7640, which was set as the sell target in our previous report for this currency pair. The breakout of this support level was preceded by the breakout of the daily up channel from the start of February (which has enclosed the preceding intermediate ABC correction (4)). The breakout of this up channel accelerated the active intermediate impulse wave (5) from last month.
AUD/USD is expected to fall further in the active impulse wave (5) to the next sell target 0.7500 (intersecting with the support trendline of the wide daily down channel from last month). Sell stop-loss can be placed one daily ATR above the broken price level 0.7640.