My bias is short unless price breaks and retests our triple top level of 0.66830. Only in this instance will I go long upon valid confirmations.
There are 2 possible entries here, shorts will only be taken following the break and retest of 0.66350 or a rejection from the 0.66830 (Triple Top Level).
NO TRADE SHOULD BE TAKEN UNLESS THESE SCENARIOS ARE MET .......
2 morning star formations one at the bottom of support zone and 1 on the (top of support zone where price has previously reversed, previously lowest prices from monthly time frame & weekly , also is on daily!!
""consider"" resistance line has held strong all times. breakout might not be achieved easily.
This pair broke out bullish after reaching support ( the point where it started moving up) . We've currently seen price move bearish into what i'd see as a pullback with potential to for price to bullish again and create new highs toward the price level marked with the green line which is also our take profit level.
ENTRY - Grey line
STOP LOSS - Red line
The Australian Dollar has been weak of late, and with the current risk off sentiment we are expecting a shift back into the worlds safe haven currencies of JPY and CHF.
Our favoured pair for the coming week is AUDCHF with a beautiful 15m bearish engulfing candle right off of our level of interest at 0.68630.
Initially this trade has been taken as a day-trade...
AUDCHF Daily on left, clear demand zone
H4 on right, MACD convergence creeping in
Waiting for 0.68800 to be tapped off + price action to buy
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future results,...
AUDCHF has been travelling in a descending channel marked out in black. Price recently hit the top of the channel and has started making its way down, on its way it has formed another descending channel marked out in blue. Right now price is at a major support level, It has previously been tested in the past very strongly. If price breaks above the descending...
- Price has broken out the ascending channel and the 4hr hour trend line.
- Market structure has also altered, as price has now created a higher high suggesting buyers have more power in the market than sellers.
- The change in market structure has occurred at monthly support suggesting a move back to the upside.
- Furthermore the change in market structure has...
AUDCHF price has bounced from the major support zone highlighted by the pink rectangle. It has also been travelling in a descending channel. We believe price will now make its way up to the zone shown above (0.70500), price has made a Higher High on the 4H chart, it will now move up, break above the descending channel , come back down to retest the channel like...