• AUDUSD under bearish pressure
• Likely to fall to 0.7400
AUDUSD currency pair under bearish pressure today after the price broke the combined support area lying between the key support level 0.7640 (low of the previous wave A of the active ABC correction (4) from the start of January) intersecting with the 38.2% Fibonacci correction of the previous upward impulse 5 from last month. The breakout of this support area was preceded by the breakout of the sharp daily up channel from the start of November.
Given the strong bearish Australian dollar sentiment seen across the FX traders at the moment – due to the widespread index losses worldwide – AUDUSD currency pair is expected to fall further toward the next support level 0.7400 (target price for the completion of the active ABC correction (4)).