TradeCityPro | AUDCHF : Approaching Historic Lows
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In this analysis, I’ll review the AUDCHF pair, currently positioned near its all-time low support, making the possibility of volatile movements high.
📅 Daily Timeframe: End of the Triangle
In the daily timeframe, after a false breakout of the 0.56223 support and subsequent recovery from the 0.55233 level, the price has formed a symmetrical triangle. At the moment, the price is moving in the second half of the triangle.
📈 I usually avoid holding positions near the end of a triangle. For a long position, I prefer to wait for a breakout above the 0.5869 resistance and stabilization above this level.
🔑 If 62.76 on the RSI is broken, bullish momentum is likely to enter the market, increasing the probability of a breakout above 0.5869.
🔽 For a short position, if the triangle breaks to the downside, the first trigger will be at 0.56741, though this is considered risky. The main short trigger would be a break below 0.56223.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I’ll review the AUDCHF pair, currently positioned near its all-time low support, making the possibility of volatile movements high.
📅 Daily Timeframe: End of the Triangle
In the daily timeframe, after a false breakout of the 0.56223 support and subsequent recovery from the 0.55233 level, the price has formed a symmetrical triangle. At the moment, the price is moving in the second half of the triangle.
📈 I usually avoid holding positions near the end of a triangle. For a long position, I prefer to wait for a breakout above the 0.5869 resistance and stabilization above this level.
🔑 If 62.76 on the RSI is broken, bullish momentum is likely to enter the market, increasing the probability of a breakout above 0.5869.
🔽 For a short position, if the triangle breaks to the downside, the first trigger will be at 0.56741, though this is considered risky. The main short trigger would be a break below 0.56223.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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