AUDCHF Wave Analysis – 19 December, 2022

• AUDCHF reversed from support level 0.6220

• Likely to rise to resistance level 0.6350

AUDCHF recently reversed up from the major support level 0.6220 (which stopped the sharp downtrend in October), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 0.6220 runs counter to the strong multi-month downtrend inside which the pair has been trading from April.

Given the clear bullish divergence on the daily Stochastic indicator, AUDCHF can be expected to rise further toward the next resistance level 0.6350.