AUDCHF short term bearish momentum | 15th Sep 2021
Price has broken through the descending trendline signifying bullish potential however, on a shorter term we are looking for price to reverse back down the take profit level in line with the 61.8% Fibonacci retracement and 61.8% Fibonacci extension , to retest the trendline. Our short term bearish bias is further supported by the price breaking through the Ichimoku cloud towards the downside, price holding below the 50period MA and MACD indicator where the signal line cross above the MACD line.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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