Given the strength of the resistance level 0.7150, strong USD inflows on geological instability and the bearish divergence on the daily Stochastic indicator, AUDUSD currency pair be expected to fall to the next support level 0.7000.
- AUDJPY reversed from resistance area
- Likely to fall to support level 0.7000
AUDUSD currency pair recently reversed down from the resistance area between the resistance level 0.7150 (top of the previous minor impulse wave 3 form the middle of February, as can be seen from the daily AUDUSD chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the earlier short-term impulse wave 5 – which belongs to the intermediate impulse wave (C) from the end of November. The downward reversal from the resistance level 0.7150 is likely to form the daily candlesticks reversal pattern Evening Star.
Given the strength of the resistance level 0.7150, strong USD inflows on geological instability and the bearish divergence on the daily Stochastic indicator, AUDUSD currency pair be expected to fall to the next support level 0.7000.
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