• AUDUSD broke key support level 0.7300
• Likely to fall to support level 0.7100
AUDUSD currency pair continues to fall strongly after the price broke below the key support level 0.7300 (which has been reversing the pair from the middle of July). The breakout of the level 0.7300 accelerated the active minor impulse wave (iii) of the minor impulse wave 5 of the intermediate downward impulse wave (C) from the start of May.
Given the strong daily downtrend and the strong bearish Australian dollar sentiment coupled with extreme USD inflows, AUDUSD currency can be expected to extend the losses toward the next support level 0.7100 (target price for the completion of the active minor impulse wave (iii).