Technical analysis

AUDCHF Wave Analysis – 28 February 2023

• AUDCHF reversed from support level 0.6300

• Likely to rise to resistance level 0.6380

AUDCHF recently reversed up from the key support level 0.6300 (which has been reversing the price from the end of December).

The upward reversal from the support level 0.6300 is likely to form the daily Bullish Engulfing – which will mark the end of the previous minor impulse wave 3.

Given the oversold daily Stochastic, AUDCHF can be expected to rise further toward the next resistance level 0.6380 (top of the previous minor correction 2).

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