AUDUSD Wave Analysis

  • AUDUSD reversed from resistance zone
  • Likely to fall to support level 0.7400

AUDUSD currency pair recently reversed down from the resistance zone located between the key resistance levels 0.7545 (June high) and 0.7595 (October barrier)

The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

Having just broken the support level 0.7465 – AUDUSD can be expected to fall further toward the next support level 0.7400.

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