AUDCHF: Strong Support Near 0.5675 Despite RBA Comments

AUDCHF: Strong Support Near 0.5675 Despite RBA Comments

AUDCHF tested a strong support zone near 0.5675 for the second time following comments from the RBA earlier today. RBA’s Bullock stated the need to see results on inflation before considering rate cuts.

The RBA’s stance did not push the price below the support zone. The market appears to be interpreting these comments bullishly, as the RBA shows caution before making any decisions.

However, this is only a short-term trade. Immediate resistance is near 0.5720, and a move above this level could push the price further to the next resistance zone at 0.5760, with potential to reach 0.5780.

You may find more details in the chart!
Thank you and Good Luck!

❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️