AUDCHF Wave Analysis 16 October, 2020

• AUDCHF broke key support level 0.6500

• Likely to reach 0.6400

AUDCHF recently broke below the key support level 0.6500 (which has been reversing the price from the end of June) intersecting with the 38.2% Fibonacci correction of the upward impulse (C) from May.

The breakout of the support level 0.6500 accelerated the active impulse waves (iii) and 1 – inside which the pair has been moving from September and June respectively.

AUDCHF is likely to fall further toward the next support level 0.6400 (former low of wave (i) from the start of June).