• AUD/USD broke long-term support level 0.7180
• Further losses are likely
AUD/USD continues to fall after the earlier breakout of the strong, long-term support level 0.7180 (which has been reversing the price from the middle of 2016, as can be seen from the weekly AUD/USD chart below).
The breakout of the support level 0.7180 accelerated the active medium-term impulse wave (3) which belongs to the impulse wave ③ from June.
AUD/USD is expected to fall further and retest the next round support level 0.7000 (low of the previous correction (2) from 2016).