Hi Traders! AUDCHF technical analysis and forecast post is here, we do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. As we do in every technical analysis post we are going to perform the multi-timeframe technical analysis on this pair in order to find possible trading opportunities. 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! Let’s start our analysis now from the highest timeframe which will be the daily chart here.
On the daily chart the price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening in the form of a range. We also have a bullish hidden divergence that has formed between the first low that has formed on 28th January 2021 and the second low that has formed on 13th April 2021 based on the MACD indicator, we may consider this as evidence of bullish pressure. We may now move down to lower timeframe and see if we can find evidences supporting this bullish view.
On the H4 chart we have a key support zone that has formed based on the 100% Fibonacci expansion level of the first wave, 61.8% Fibonacci expansion level of the second wave and the bottom of the range. The price which was moving lower reached this zone, respected it and is bouncing higher from this zone. Currently it looks like a pullback is happening and there are no signs opposing this bullish view. So based on all this my view here is bullish and I expect the price to move higher further until this key support zone holds.
AUDCHF D1(Daily) Chart Analysis
AUDCHF H4(4 Hour) Chart Analysis
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.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.
Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?
I invite you to join us in our live market analysis, on daily basis, and improve your trading with us.
Also, you can get one of our strategies free of charge. You will find all the details here
If you have any further questions, don’t hesitate to drop a comment below!
To your success,
Vladimir Ribakov
Certified Financial Technician
GDP growth is one of the most important indicators of economic health. But does stronger…
When it comes to fundamental Forex analysis, few institutions matter as much as the Federal…
Interest rates are one of the most important fundamental forces in the Forex market. But…
The latest U.S. employment report has delivered a significant warning for the market. With only…
The Forex market does not always offer clear trading opportunities. Sometimes, price moves sharply in…
Open social media for a few minutes and you can easily find someone talking about…
