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AUDCHF Weekly Forex Forecast 10th December to 16th December by yshashmi37 on TradingView.com
Midterm forecast:
While the price is above the support 0.7070, continuation of uptrend is expected.
We make sure when the resistance at 0.7285 breaks.
If the support at 0.7070 is broken, the short-term forecast -continuation of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 0.73215 on 2018-11-08 and the peak at 0.73755 on 2018-12-03, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
The RSI support #1 at 48 is broken, so the probability of continuation of uptrend is decreased.
A peak is formed in daily chart at 0.7375 on 12/03/2018, so more losses to support(s) 0.7115 and minimum to Major Support (0.7070) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 40.
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