AUD/USD: sell target - 0.7100
By: Dmitriy Chernovolov
- AUD/USD reversed from resistance zone
- Next sell target - 0.7100
AUD/USD recently reversed down from the resistance zone lying between the resistance level 0.7230 (former monthly low from July, which stopped the previous impulse wave 3), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (3) from July - as you can see from the daily AUD/USD chart below.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star – marking the end of the previous wave (4). AUD/USD is likely to fall further in the next impulse wave (5) toward the next sell target at the support level 0.7100.