Hi Traders! AUDCHF buy setup forming at the moment. A detailed analysis of this bullish opportunity is as follows:
AUDCHF W1 Chart:
On the weekly chart the price which is moving lower has created a double wave down and the price has reached a critical zone formed by the fibo level of the cycle and the psychological area 0.65 and is currently moving higher. In addition to this we also had a bullish divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
AUDCHF H4 Chart:
On the H4 chart we have a hidden bullish divergence that has formed which we may consider as an evidence of bullish pressure. We may now start looking for bullish setups with more bullish evidences on lower timeframes in order to join the bulls.
AUDCHF H1 Chart:
On the H1 chart the price is moving inside a bullish flag pattern and is respecting it so far. If the price breaks above the top of this pattern we may consider it as an evidence of bullish pressure, we may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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