AUDCHF Wave Analysis 5 January, 2021

• AUDCHF reversed from pivotal support level 0.6735

• Likely to rise to 0.6825

AUDCHF recently reversed up from the pivotal support level 0.6735 (former powerful resistance from January, June and December of 2020 – as can be seen below).

The upward reversal from the support level 0.6735 started the active short-term upward impulse wave (iii) – which belongs to the impulse wave 3 from the start of December.

Given the predominant uptrend – AUDCHF is expected to rise further toward the next resistance level 0.6825 (which stopped the previous short-term impulse wave (i)).