AUD/USD : next sell target - 0.7640
- AUD/USD completed intermediate ABC correction (4)
- Next sell target - 0.7640
AUD/USD continues to decline after the recent downward reversal from the combined resistance area lying between the following resistance levels: the upper resistance trendline of the daily up channel from February (which has enclosed the previous intermediate ABC correction (4)), the 50% Fibonacci Correction of the previous downward impulse from the middle of January, the resistance level 0.7860 (which reversed the price at the end of February) and the upper daily Bollinger Band. The downward reversal from this resistance zone completed the latest ABC correction (4).
AUD/USD is likely to continue to fall in the nearest time toward the next sell target at the support level 0.7640. Sell stop-loss can be placed at the distance of one daily ATR above the resistance level 0.7860.