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.
AUD/USD broke support zone
2019-11-11 • Updated
- AUD/USD broke support zone
- Next sell target - 0.7710
AUD/USD recently broke through the support zone lying between the strong support level 0.7820 (which stopped the previous minor ABC correction 4 in the middle of August, as can be seen from the daily AUD/USD chart below) and the 38.2% Fibonacci correction of the previous upward price impulse from the start of June. The breakout of this support level strengthened the bearish pressure on this currency pair. NZD/USD is expected to fall to the next sell target at the next support level 0.7710 (target price for the completion of the active impulse wave (3)).
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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