Technical analysis

AUDCHF Analysis 05 November, 2020

AUDCHF Analysis 05 November, 2020

• AUDCHF broke daily down channel

• Likely to rise to 0.6700                                                                                          

AUDCHF recently broke the resistance trendline of the narrow daily down channel from the start of September – continueing the earlier upward reversal from the powerful support level 0.6400.

The breakout of this daily down channel accelerated the (c)-wave of the active minor ABC correction 2.

AUDCHF is likely to rise further toward the next resistance level 0.6700 (former monthly high from June and from September and the likely price for the termination of the active ABC correction 2).

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