Market Snapshots

AUDCHF Wave Analysis – 17 December , 2018

AUDCHF Wave Analysis – 17 December , 2018
  • AUDCHF reversed from resistance area
  • Further losses are likely

AUDCHF recently reversed down from the resistance area lying between the key resistance level 0.7180 (former support from the middle of November) and lower trendline of the recently broken daily up channel from September (acting as resistance after it was broken).

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Evening Star.

AUDCHF is expected to fall further in the active medium-term impulse wave (3) and re-test the next support level 0.7100 (low of the impulse (1)).

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