(MENAFN - FxPro)
- AUDUSD reversed from resistance area
- Further losses are likely
AUDUSD recently reversed down from the resistance area lying between the key resistance level 0.7020 (which also reversed the price in June) and the 50% Fibonacci correction of the previous downward impulse from April.
The aforementioned resistance area was further strengthened by the upper daily Bollinger Band.
AUDUSD is expected to fall further in the active daily impulse wave 3 and retest the next support level 0.6950 (former support from March).