AUDCHF Wave Analysis – 11 Janaury, 2019

• AUDCHF reversed from support area
• Further gains are likely

AUDCHF recently reversed up from the key support area lying between the support level 0.6870 (which reversed the price twice in September) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer – which started the active medium-term ABC correction (2).

AUDCHF is expected to rise further and re-test the next resistance level 0.7250 (target price for the completion of the active wave (2) and the top of the previous correction 2).