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INFINOX_Capital
Nov 18, 2019 12:50 PM

AUDCHF - Bullish turnaround Long

AUSTRALIAN DOLLAR / SWISS FRANCICE

Description

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
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