Even though I have a bullish sentimental on this pair due to the trenches below, I think there is also a nice low risk opportunity on the short side. I'm seeing price being rejected off 89.725 and will look to short it down to the next resistance level at 88.3 and subsequently 87.5 where I may take a long trade.
I am seeing more up move with this pair because price now is at the first support. If broken, price has to break another support at 87.586 and 86.548. With so many trenches supporting price below, I am more bias with bull side.
AUDCHF has been ranging for the past 1 month. 0.7674 is a very tough resistance whereas 0.76 is a strong support. From the wicks of the candles, it is obvious that it is rejected quite strongly at a higher price. I have a short position and will be looking to hold it.
Price action is very bullish (5 days of bullishness) but price has reached a resistance which had rejected a very bullish up move (see 24 to 28 July). Therefore I would want to wait for a convincing bear candle before taking any short. Anyway, I believe that there will could be a gap to the downside already as Mr Kim tested with their nuclear bomb. Geopolitical...
I am still bearish on this pair. NZD is currently the weakest currency and with 2 days of full blown bear candles, the bearishness is expected to overflow. I want to see 0.8817 first to pull a short. BOC rate statement on Wednesday could be crucial for any continuation or reversal.
I want to see how price reacts at 78.28 which is the end of the pin bar. Market might go down to take out those who placed their SLs under the Pin bar and then retrace to trap those who short after that. If price can break 78.28 strongly and hold on retrace, then I will short it down. I am expecting a gap down when market open again which might break 78.28. So I...
Price is retracing back to congestion area at around 1.624. If 1.624 holds, I will continue to be bullish. However, there are 2 congestion area at 1.641 and 1.649 area which will prove to be a strong resistance. If this strong resistance is broken, 1.668 can be easily reached and after 1.668 will be 1.68.
Similar as my views on AUDCHF, price action is still bullish and is not wise to short yet. I'll be watching 87.97 closely to see it this POC will hold. If broken, I will look for a short at 88.7. I am expecting a gap down after North Korea nuclear test.
I am slightly bearish, bearish because Friday closed with a bearish engulfing bar and the high volumes only appear when candle is bearish. Slightly because price is in the middle of 2 COCs, where price can be supporter and resisted. I will wait for
1) Price to retest 0.768 to short or
2) Price to breaks 0.762 and short on retrace