- AUDCHF broke support area
- Further losses are likely
AUDCHF recently broke the support area lying between the support level 0.7030 (multi-month low from March) and the 38.2% Fibonacci correction of the previous upward impulse from January.
The breakout of this this support area accelerated the active short-term impulse wave 3 –which belongs to the wave (C) from April.
AUDCHF is expected to fall further and retest the next support level 0.6950 (target price for the completion of the active wave 2).