AUDCHF has been finding upside momentum since the back end of 2020, with prices hitting multi-year highs.
More importantly, the recent trend has seen a bounce off the engulfment of the Ichimoku cloud, indicating that the current trend will continue.
As prices hover above the lower border of the cloud, we look to another test at the recent highs at the 0.69 area.
However, the recent bearish divergence could cause a shift in momentum as attentions turn for evidence of any factors that could bring prices lower.
A shorter-term outlook notes that prices are in a choppy action, with the next leg of the trend looking to the upside.
Prices have now eclipsed the 50% and 61.8% of the 0.6879/0.6753 Fibonacci leg. The next target is the 78.6% to cement another attempt at recent highs.
We now turn for further clues on the momentum indicator, as currently, it is looking flat. Should prices move away from the top border of the Ichimoku cloud, then a push to the top end of 0.68c would be likely.
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