Wave Tech Analysis

FxPro Forex Analysis: AUD/USD Wave Analysis – 07 September , 2018

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).

AUDUSD - Primary Analysis - Sep-07 1906 PM (1 week)