AUDCHF reversed trend in April, following the bullish breakout above the long term falling trend line and the completion of the bullish inverted head and shoulders reversal pattern. The price since then has been trading in a clear up trend, where downside corrections were limited so far to the 50-days SMA, and the latest bearish correction seems like done as price retested the average before getting supported again. The latest correction took the shape of the bullish continuation flag pattern, and am currently anticipating a breakout above the descending Resistance of the flag to confirm the resumption of the bullish trend, and to zoom into the hourly and four-hour charts to pick a good entry point.
Near term target is at the latest swing high at 0.8480, and the medium term target at 0.8700-0.8750 area. I may reconsider my bullish bias if price breaks back below 0.8315 support level.
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My best regards,
Technician
Near term target is at the latest swing high at 0.8480, and the medium term target at 0.8700-0.8750 area. I may reconsider my bullish bias if price breaks back below 0.8315 support level.
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
