Categories: 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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: AUDCHF

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