audchf buy trade

2023年11月15日

The AUDCHF pair has been trading in a *descending channel* since mid-August, forming lower highs and lower lows. However, the recent price action suggests that the downtrend may be losing momentum and a reversal could be imminent. ¹
- The pair has bounced off the lower boundary of the channel and is now approaching the upper boundary, which coincides with the *50-day moving average* and the *0.58* resistance level. A break above this zone could signal a bullish breakout and a change in trend direction. ²
- The *MACD* indicator has crossed above the signal line and is moving higher, indicating a shift in momentum to the upside. The *RSI* indicator has also risen above the 50 level, suggesting that the buyers are gaining strength. ³
- The pair has also formed a *bullish engulfing* candlestick pattern on the daily chart, which is a sign of a potential reversal. The pattern consists of a small red candle followed by a larger green candle that completely covers the body of the previous candle. This shows that the sellers were overwhelmed by the buyers and that the sentiment has changed from bearish to bullish. ⁴
- Based on these bullish signals, a possible trading strategy is to buy the pair if it breaks and closes above the channel and the 50-day moving average, with a stop-loss below the recent low at *0.57. The target could be the next resistance level at **0.59*, which is also the 38.2% Fibonacci retracement of the downtrend. ⁵

Source: Conversation with Bing, 15/11/2023
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