Audchfbreakout
AUDCHF is waiting for the impulse moveAUDCHF
⚡️ From starting of the year The price felled towards 0.53420 and making a bigger downward impulsive move which is around 20% drop from January 2020.After that the AUDCHF managed to gain most of the loses its earlier incurred.
⚡️ After reaching June high which is 0.67430 the price unable to push further trading in sideways until September 02 afterwards the shifting of momentum happened and price stared to fall again as previous impulse wave
⚡️ On this range Elliot correction wave From A to E has formed And one minor correction waves are formed on the upper side of trend line
⚡️ The price has felled below the lower side of trend line and trading at 0.65000 key psychological level. We can expect a minor rebound retest towards the lower side trend line and will fall towards .236 Fibonacci retracement
⚡️ After the completion of minor Elliot wave correction a micro Elliot wave is underway currently the primary 01 is forming. And the swing target would be around 50% Fibonacci level which is a expected level for the completion of Wave 03.
⚡️The price felled below the 03 Exponential moving average and Ichimoku clouds and cloud turned red and pointing towards south
⚡️ In RSI its under 20 and over bought condition will make some minor upward correction towards lower side trend line
Key levels to watch
3 Month high -0.6712
3 Month low - 0.6486
6 Month high - 0.6743
6 Month low - 0.5727
yearly high - 0.6796
yearly low - 0.5342
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AUDCHF Following Uptrend Line ClearlyAs can be seen from the chart above, AUDCHF is following it's uptrend line clearly, sticking to it in a clean uptrend. I can see the pair going up to 0.64250 in the near term, which is where I would place my take-profit level. The chart above highlights the long term uptrend line and the short term uptrend line, both of which are being followed by AUDCHF in a disciplined manner. With China's data release in a few hours, I expect there to be some volatility in this pair, but otherwise, the uptrend seems to be strong in this pair.
AUDCHF Upward Move Expected in Near TermThe uptrend in this pair has been strong for a few sessions, as can be seen in the chart. It is testing upward resistance to move further up, and I expect it to touch 0.62400 levels in the near term. It is currently at around 0.62200 levels, so that's a good move for this pair at this point. My expected take profit levels would be around 0.62400 for AUDCHF.
Don't be surprised if AUDCHF continues lower. here's my take. AUDCHF is in a downtrend. we have a descending triangle on the hourly chart. if this triangle breaks to the downside, it'll be a confirmation that the trend will continue. However, if you're looking to long then the bottom of the triangle with a stop loss below is where your entry should be. I'm watching this pair with a neutral sense as I type. let's see where it'll head from here.
AUDCHF selling opportunity in Day chartAUDCHF
AUDCHF
pair just breakout the trend line and fall back below 100 Exponential moving average.
We can expect the fall back towards 0.67150 which is 50% Fibonacci level.
From this level we may open short positions and the potential take profit will be 0.65000 which is 2019 August month low.
And its a major psychological level.
Stop lose may placed above the 0.68200 level
AUDCHF potential reversal!
AUDCHF expected to rise up to 1st resistance at 0.67866 where it could potentially react off and drop down to 0.67516.
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AUDCHF approaching support, potential for a bounce!
AUDCHF is expected to drop to 1st support at 0.67311 where it could potentially react off and up to 1st resistance at 0.67479.
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