Technical analysis

AUDCHF Wave Analysis – 19 May, 2022

AUDCHF Wave Analysis – 19 May, 2022

• AUDCHF reversed from support area
• Likely to rise to resistance level 0.6900

AUDCHF today reversed up from the support area lying at the intersection of the support level 0.6835 (former resistance from March, acting as support now) and the lower daily Bollinger Band.

This support area was further strengthened by the 38.2% Fibonacci correction of the upward impulse from December.

Given the clear daily uptrend, AUDCHF can be expected to rise further toward the next resistance level 0.6900.

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