Huge selloff has been continuing for more than 2 months. During this time there wasn’t any correction. This trend may be changed at current level because right here supports coincide with Fibonacci the level of 61.8%. If this level doesn’t make trend reversal, it will cause at least bigger correction.
The demand’s reaction should occur at the latest at 0.7200 area. However if this doesn’t happen the next supports will be located at: 0.7120, 0.7000. If rebound occurs, AUDUSD should reach 0.7500 level again. Before that, the demand must manage with resistances at 0.7370, 0.7450.
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