Audchflong
Possbily 550 PIP AUDCHF Setup Top Down AnalysisIn this analysis we go over multiple confluences from seeing a key resistance being broken to it now retracing down to find support and continue in the upward direction. We are about to hopefully see the 50EMA cross the 200EMA we are very nearing the approach. I expect to see an outbreak towards the upside sometime soon in the future. I would actually place buy stops shortly above because we know the direction we just don't know when were still in minor retracement period. You'll notice the stop loss is a little high on this one I recommend trailing it accordingly in the near future.
AUDCHF - Bullish BiasAUD - Strong Bullish
1️⃣ The RBA noted that the Australian economy is expected to do better in the fourth quarter, adding that the country will be in pre-Delta in the second half of 2022.
2️⃣ Positive market sentiment can support the strength of high-beta currencies such as AUD, NZD & CAD.
CHF - Weak Bearish
1️⃣ The price value on EUR/CHF is currently under SNB monitoring, which could lead to the central bank’s intervention at any time.
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Technical
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We are buying the AUDCHF after it breaks the previous resistance level.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
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AUD/CHF Buy Opportunity Breaking Above 0.6870 6th of October AUD/CHF broke the long-term descending trendline and started an uptrend. AUD/CHF is holding above the descending trendline and forming a bullish pattern. Right now, AUD/CHF is stuck into a triangle. Breaking above 0.6870 will confirm the bullish breakout and triangle.
The first target to the upside is 0.6960/6970, Price Zone.
Breaking above 0.6970, our 2nd target is 71.00.
Finally, 0.7200/0.7220 is our upside target zone.
We may see a significant correction from the 0.7220/0.7250 price zone.
This chart is valid as long as AUD/CHF is above 0.6650. In case AUD/CHF breaks below 0.6650, it will continue its downtrend again.
AudChf Trade Idea RRR 1:3-5AudChf Trade Idea RRR 1:3-5
Intraday trading expected range 0.67840 - 0.67201 @ Daily Volatility 0.47%
Swing trading expected range 0.66676 - 0.68364 @ Annual Volatility 7.50%
Buy Zone: 0.66941 - 66.392
1st Target Zone: 0.68755 - 0.68300 (RRR 1:3)
2nd Target Zone: 0.69900 - 0.69042 (RRR 1:4-5)
Move stop loss to breakeven after 2% profit