AUDCHF - Bullish turnaround
AUDCHF (1H) - short term bullish bias
The Australian dollar saw strong buying interest near the daily support level of 0.6690, and we expect the bullish correction to last for a few days. On the hourly chart, the classic RSI divergence suggests a slowdown on the sell side, a prerequisite for a rebound. As the price action moves above 0.6730, the 20-hour moving average crosses above the 30-hour one, another bullish signal to confirm the directional bias. The rally is likely to resume at the end of the current consolidation.
Key support: 0.6700
Key resistance: 0.6790
The Australian dollar saw strong buying interest near the daily support level of 0.6690, and we expect the bullish correction to last for a few days. On the hourly chart, the classic RSI divergence suggests a slowdown on the sell side, a prerequisite for a rebound. As the price action moves above 0.6730, the 20-hour moving average crosses above the 30-hour one, another bullish signal to confirm the directional bias. The rally is likely to resume at the end of the current consolidation.
Key support: 0.6700
Key resistance: 0.6790