AUDCHF at important support
TA:
1. Proce went down to the very important support cluster:
- Mar ’20 Low Close
- Fibo Extension 1.618 - perfectly aligned with the above.
- Yet price respected all previous levels of the mentioned FE
2. Price remains in a consolidation zone since mid Aug 23 loosing the bearish momentum
3. W1 RSI is rising, getting closer to 50.
4. Next Resistance: Oct 22 Low Close @ 0.62377
FA:
1. USDCHF is in a D1 uptrend - just crossing up the SMA 200
2. AUDUSD is expected to rise due to potential rate cuts and China’s potential growing demand for commodities
3. Market expects DXY to weaken over next weeks
MY IDEA D1 (no recommendation whatsoever):
1. Enter close to FE 1.618, after crossed up and confirmed
2. RSI D1 above 50
3. SL below the Support cluster @ 0.5590
4. 1/2 TP @ Res1 (0.62377)
5. 2/2 TP @ Res2 (0.64187)
1. Proce went down to the very important support cluster:
- Mar ’20 Low Close
- Fibo Extension 1.618 - perfectly aligned with the above.
- Yet price respected all previous levels of the mentioned FE
2. Price remains in a consolidation zone since mid Aug 23 loosing the bearish momentum
3. W1 RSI is rising, getting closer to 50.
4. Next Resistance: Oct 22 Low Close @ 0.62377
FA:
1. USDCHF is in a D1 uptrend - just crossing up the SMA 200
2. AUDUSD is expected to rise due to potential rate cuts and China’s potential growing demand for commodities
3. Market expects DXY to weaken over next weeks
MY IDEA D1 (no recommendation whatsoever):
1. Enter close to FE 1.618, after crossed up and confirmed
2. RSI D1 above 50
3. SL below the Support cluster @ 0.5590
4. 1/2 TP @ Res1 (0.62377)
5. 2/2 TP @ Res2 (0.64187)
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