AUD/USD: sell target - 0.7030
By: Dmitriy Chernovolov
- AUD/USD reached buy target 0.7100
- Next sell target - 0.7030
AUD/USD continues to fall after the recent sharp downward reversal from the resistance zone lying between the resistance level 0.7100 (former strong support from December and the previous buy target set in our earlier forecast for this currency pair), the upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp minor impulse wave 1 from the start of December. The downward reversal from this resistance zone completed the previous minor correction 2.
AUD/USD is likely to fall further in the active minor impulse wave 3 (belonging to the intermediate impulse (3) wave from December) toward the next sell target at the support level 0.7030.