Forex Update: AUDCHF continuation watch.

2023年5月3日Today's focus AUDCHF

Pattern – LH - Continuation
Possible targets – .5920 .5875
Support – .5951
Resistance – .5875
Indicator support – MA sloping down, CCI 0 Cross

Hi and welcome to today’s update. Today we are watching the AUDCHF and wondering if we will see a new continuation lower that will maintain the current downtrend. Yesterday buyers made a solid move after the RBA rate hike but the move was cut down through the US session. We have run over the triggers we are looking for to confirm our continuation idea and watch to watch out for what could invalidate this idea.

Another factor could be tomorrow morning’s FOMC. If this ends up giving the AUD a boost it could invalidate the the signs we are seeing currently. The FOMC will be released at 4:00 am AEST Thursday morning.

Thanks for stopping by. Good trading, and have a great day.