Technical analysis

AUDCHF Wave Analysis 18 December, 2020

AUDCHF Wave Analysis 18 December, 2020

• AUDCHF reversed from long-term resistance level 0.6740

• Likely to fall to 0.6700

AUDCHF recently reversed down from the strong long-term resistance level 0.6740 (former multi-month resistance from May).

The resistance area near the resistance level 0.6740 was further strengthened by the upper weekly Bollinger Band.

Given the overbought weekly Stochastic and the moderately bullish CHF sentiment – AUDCHF is expected to fall further toward the next support level 0.6700.

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