What happened? Japanese shares fell on Monday…
AUD/JPY broke key support level 80.60
2019-11-11 • Updated
- AUD/JPY broke key support level 80.60
- Next sell target - 79.0
AUD/JPY recently broke below the key support level 80.6 (which has been revering the pair from March, as can be seen below). The breakout of this support level accelerated the active minor impulse wave 3 – which belongs to wave (3) from July. Given the strength of the active impulse wave 3 - AUD/JPY is expected to fall further toward the next sell target at the next support level 79.00 (forecast price for the completion of the active impulse 3).
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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