Hi Traders! AUDCHF forecast and technical analysis is here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidences on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! This analysis will be based on price action trading (if you want to learn about price action trading, you can watch this video here).
AUDCHF D1(Daily) Chart Analysis – Key Resistance Zone, Psychological Level, Parabolic Sar
On the daily chart, we have a key resistance zone that has formed based on the 61.8% fibonacci expansion level of the big wave at 0.67924, the 161.8% fibonacci expansion level of the small wave at 0.67134 and the psychological level 0.67. The price which was moving higher reached this key resistance zone, respected it, and is currently moving lower. While looking at the Parabolic Sar we could see that the dots are above the price which we may consider as evidence of bearish pressure. We also had a bearish engulfing candle pattern that had formed which we may consider as another evidence of bearish pressure. We may now move down to lower timeframe and see if we can find evidences supporting this bearish view.
AUDCHF H4(4 Hours) Chart Analysis – Triangle Pattern, Parabolic Sar
Looking at the H4 chart we could see that after the strong move to the downside from the key resistance zone currently, it looks like a flat correction is happening in the form of a triangle pattern. The price is respecting this triangle pattern so far and also based on the Parabolic Sar the dots are above the price which we may consider as evidence of bearish pressure. So if we get a valid breakout below the triangle pattern we may consider it as a validation for the bearish view and we may then expect the price to continue lower further.
Technical Analysis & Forecast Summary
AUDCHF D1(Daily) Chart Analysis
- Key Resistance Zone, Psychological Level, Parabolic Sar
AUDCHF H4(4 Hours) Chart Analysis
- Triangle Pattern, Parabolic Sar
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