Nice idea on AUDCHF and there may be bullish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first support that we have identified is at 0.7197 (100% Fibonacci extension , 78.6% Fibonacci retracement , horizontal swing low support). Stochastic is approaching its support at 2.2% where a corresponding bounce could occur. If a bounce does occur, we may look at 0.7263 resistance level (38.2% Fibonacci retracement , horizontal swing high resistance), which is just above your stop loss. Please have a look at our idea and share with us what you think.
Slingshot_Phoenix
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@ICmarkets, Thank you, great analysis you put there
it will bounce for sure around these levels you identified as support, probably we`ll get a series of fractals around there, bullish on close above nearest up fractal then, i won`t go onpending buy order for now because on the other hand side, close below 0.71500 on H4 or D1 would reverse the scenario, 200-100-50 SMMA on D1 are stacked in "perfect order" for bearish scenario