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– AUDUSD reversed from the resistance zone
– Likely to fall to support level 0.6200
AUDUSD currency pair recently reversed down from the resistance zone between the pivotal resistance level 0.6300 (former powerful support from the end of 2023) and the 50% Fibonacci correction of the downward impulse from November.
The downward reversal from this resistance zone stopped the previous ABC correction 4.
Given the clear daily downtrend and the overbought daily stochastic, AUDUSD can be expected to fall further to the next support level 0.6200 (which stopped the previous minor correction b).
Source: https://fxpro.news
