Market Snapshots

AUDCHF Wave Analysis – 26 February, 2020

AUDCHF Wave Analysis – 26 February, 2020
  • AUDCHF broke key support level 0.6440
  • Likely to fall to 0.6300

AUDCHF recently broke sharply below the key support level 0.6440 (low of the previous Japanese candlesticks pattern Morning Star from the end of January).

The breakout of the support level 0.6440 should accelerate the active short-term impulse wave (v) – which belongs to the multi-month downward impulse sequence 3 from November.

Given the clear downtrend visible on the daily charts  – AUDCHF is likely to fall further toward the next support level 0.6300.

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