AUDCHF offers buy opportunity on the H1 chart after the pair completed a bearish cycle on the D1 chart. We have been following it for some time now and finally a setup is presenting itself.
AUDCHF D1 Chart
Special cycle that comes with divergence and as an extra confirmation we have a great supportive zone (two horizontal lines on the chart below). As expected, price is reacting to this level and if it manages to hold above it, we will try to join.
AUDCHF H1 Chart
Bullish convergence is already a fact. Wait for a small correction towards 38.2% down to 50% fibonacci retracement and go long.
Move the stop loss to break even once you have reached risk:reward ratio of 1:1.
Target 1 – 0.7350.
Target 2 – 0.7430.
Target 3 – 0.7520.
Protection below 0.7240.