AUDCHF 0.6675 Breakout Failure
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.
Note
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.