- A Triple bottom has occurred and as we can see price has come to retest the neckline of the Triple bottom pattern.
- Will be looking to go long providing we can get a Bullish candlestick formation such as the Engulfing or Bullish hammer.
. There is a possibility of temporary retracement to suggested support line (0.6700). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDCHF is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
AudChf bearish bias and trend after a breakout from the consolidation can see it going lower. Coming off a nice level of resistance minor some room down. I would look for a retest first then a potential extension to the green lines drawn in
Tuesday, Wednesday and Thursday all coming up with top tier economic data for the Aussie and the Swissy.
On the 4 hour chart we can see strong support on the 6.500-6.525 range (sellers might be tired) and strong resistance at 6.550- 6580.
A break below would send us to the mentioned support for a profit of +100 pips, break below and all the way towards the...
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.