• AUDUSD broke support area
• Further losses are likely
AUDUSD continues to fall after the earlier breakout of the support area lying between key support levels 0.7470 (which reversed the previous wave (B) in May) and 0.7410 (which stopped the previous sharp downtrend with the daily reversal pattern Morning Star at the start of May).
The breakout of the aforementioned support area accelerated the active downward impulse sequence ③ from the start of June.
AUDUSD is likely to fall further and re-test the next support level 0.7330 (multi-month low from May of 2017) – the breakout of which can lead to further losses toward 0.7250.