Technical analysis

AUDCHF broke resistance zone

  • AUDCHF broke resistance zone
  • Further gains are likely

AUDCHF continues to rise after the recent breakout of the resistance area lying at the intersection of the pivotal resistance level 0.7270 (former multi-month support level) and the resistance trendline of the daily up channel from September.

The breakout of this resistance zone should accelerate the active impulse wave (C) – which belongs to the long-term ABC correction ② from September.

AUDCHF is like to rise further and re-test the next resistance level 0.7400 (which reversed the price multiple times in July and also in August).

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