Similar to the EURCHF, we can see price bouncing off a decending trendline and making the move lower
There is divergence on the lower timeframes which could indicate a fall on this pair as well
I believe we will see a break in support and a retest before a drop to support
Once price breaks from the trend line we will sell down to the target area
There will be several pullbacks and it may take a few weeks if not months to get there but its a nice profitable trade for those who don't want to look at charts all day!
Stop Loss: 0.6563
Entry Point: 1hr candlestick close below 0.6540
Target Profit : 0.6445
Do not hesitate any question for clarification.
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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 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...
AUDCHF has been travelling in a triangle, and we have just experienced a rally downwards all the way to the bottom of the triangle, Price right now is at a major level as it is also near a major area of support marked out with a pink rectangle. Price right now could either break below the support area and out of the triangle to the downside or it could bounce...