A breath above the water needed, going for long?
AUDCHF has been consistently diving under over sold RSI lately and need some breath just from the view of it.
It has been consistently moving down in its downtrend formed since March and now is at a critical point to wipe all gains it had this year, from which point I also believe a hope of it moving back up is another potential.
It's having a death cross formed on daily by 50MA and 200MA, a near complete formation by 100MA and 200MA which roughly matches with recent sell off. Currently the price is at a range where it historically bounced up or resisted, so I believe there's a chance that history may repeat again this time.
Price: now or lower but above 1.6628 since below that I would consider this a failed attempt.
SL: on or below 0.66226
TP: Fib based
GL.
It has been consistently moving down in its downtrend formed since March and now is at a critical point to wipe all gains it had this year, from which point I also believe a hope of it moving back up is another potential.
It's having a death cross formed on daily by 50MA and 200MA, a near complete formation by 100MA and 200MA which roughly matches with recent sell off. Currently the price is at a range where it historically bounced up or resisted, so I believe there's a chance that history may repeat again this time.
Price: now or lower but above 1.6628 since below that I would consider this a failed attempt.
SL: on or below 0.66226
TP: Fib based
GL.
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