• AUDCHF reversed from strong support level 0.6035
• Likely to rise to resistance level 0.6120
AUDCHF recently reversed up from the strong support level 0.6035 (which stopped the previous intermediate impulse wave (1) in March) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 0.6035 stopped the previous short-term impulse wave 3 – which is a part of the higher order downward impulse wave (3) from last month.
Given the strength of the support level 0.6035 and the clear bullish divergence on the daily Stochastic, AUDCHF can then be expected to rise further toward the next resistance level 0.6120.
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