AUDCHF Wave Analysis 29 July 2024

– AUDCHF reversed from key support level 0.5735

– Likely to rise to resistance level 0.5850

AUDCHF currency pair recently reversed up with the daily Japanese candlestick Piercing Line from the key support level 0.5735 (the previous monthly low from April, as can be seen below).

The support level 0.5735 was strengthened by the nearby lower daily Bollinger Band.

Given the strength of the support level 0.5735 and the still oversold reading on the daily Stochastic indicator, AUDCHF currency pair can be expected to rise further to the next resistance level 0.5850.