AUD/USD: sell target - 0.7100
By: Dmitriy Chernovolov
- AUD/USD falling inside intermediate impulse wave (5)
- Next sell target - 0.7100
AUD/USD recently reversed down sharply from the resistance level 0.7400, which was set as the buy target in our previous forecast for this currency pair. The resistance zone near the resistance level 0.7400 was strengthened by the upper daily Bollinger Band, 50% Fibonacci Correction of the previous sharp downward impulse wave 3 from June and by the upper resistance trendline of the daily up channel from the start of September (which has enclosed the previous ABC wave (4)).
AUD/USD is likely to fall further in the active intermediate impulse wave (5) toward the next sell target at the support level 0.7100.