Hi, I think AUD could hit 0.579 on the AUDCHF market until 2024 Q1.
The price confirmed a bounce from the green support line. The next resistance is around 0.579. I defined these levels from the supply/demand view. These seem to be a level where many investors buy or sell. Precisely, investors keep buying or selling until the price hits either of these areas, and when it does, orderbook analytics suggest many now-open orders will fill and the market setup changes. If we appreciate a pullback to support, the potential profit could be up to +1% with a good 5.47 Risk-Reward Ratio.
Although I don't think the current price as an ideal entry, with or without a pullback to the support level, I have a bullish idea on the AUDCHF market for the upcoming two months.
(It is not an investment advice. My analytics are my subjective matter. Do your research, but feel free to extend it with my opinion as one from the many.)
- Essa
Trade closed: target reached
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AUDCHF crossed the target of the long position. Cheers, mates! Hopefully, you had a profitable trading venture, too.
In the early days, when our presence here was known to just a few, your consistent support and motivation were invaluable. Whether you've gained financially along the way is a secondary consideration - know that the motivation you offered me was priceless. Let's keep this journey of learning and growing together. 🤝
Darthessa
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@Elysian_Mind, Thank you for your kind words. You were the first broker I followed. When I joined I had little idea what technical analytics was. I learned so much from you. Now I have a different kind of pleasure when I see my independent analytics align with yours. I am happy when a mind I respect and my mind concludes the same.