AUDCHF 0.6675 Breakout Failure
Updated
While I normally try to capitalize on breakouts, I'm actually anticipating this one to fail. Price breached above the 0.6675 level and failed to accelerate higher. Furthermore, I don't consider this a strong breakout as price stalled by the painting of overlapping bars. On a final note, the daily timeframe does not show any indication of a structural move.
While price is currently holding above the 0.6675 level, I expect this won't be supported. Directionally speaking, I anticipate price will break back below this level.
While price is currently holding above the 0.6675 level, I expect this won't be supported. Directionally speaking, I anticipate price will break back below this level.
Comment
Here's how I plotted my daily timeframe:Upside should be expected if price successfully makes a clean breach above 0.67110.
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