* Initial weekly analysis here, please see comment update for the daily time frame * Weekly price is held resisted * Current dominant bearish bar points to a clearer downtrend direction
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* Daily time frame shows multiple bars with higher wicks * Buying pressure is not held up * Short trade opportunity as pair fails to climb higher
Nice idea on AUDCHF. For our set up, we identified potential key support and resistance. The 1st support that we have identified is at 0.7029. It is a 61.8% and 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support. Stochastic is approaching its support at 3.16% where a corresponding bounce could occur. If a potential bounce does occur, we may want to look at 1.5129 resistance level. It is a 38.2% Fibonacci retracement and a horizontal pullback resistance. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.
FinancialGamblR
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@ICmarkets, Thanks for sharing! I will be watching for that level as well!
Please have a look at our idea and we would like to hear your thoughts.