- AUDUSD falling inside impulse wave 3
- Further losses are likely
AUDUSD continues to fall inside the sharp impulse wave 3, which started earlier from the resistance area lying between the key resistance level 0.7050, upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from April.
The active impulse wave 3 belongs to the intermediate downward impulse sequence (C) from the end of January.
AUDUSD is expected to fall further and retest the next support levels 0.6911 and 0.6850 (monthly low from May).