AUDCHF Chart Technical Outlook

AUDCHF Chart Technical Outlook is hovering above 1.5800 support; the near-term bias remains negative

The Australian Dollar is retracing some of the decline seen earlier today, dragged down by the dovish RBNZ monetary policy decision which offset the positive impact of the Australian S&P Services PMI figures.

Technical indicators. however, are showing a moderate negative picture with the 4H RSI below the 50 level.

According to Elliott Wave theorists, the pair might be going through a correction after a 5-wave impulse peaked above 0.5900 in late September.

The pair has been testing a strong support at 0.5805. Below, the next target would be 0.5740. On the upside, a recovery above the 4h 50 SMA, at 0,5850 is needed to ease downside pressure.

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