Hi Traders! AUDCHF technical analysis and forecast 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 – No Opposite Signs, ADX Indicator
On the daily chart we have a bullish rally which started on 19th March 2020. Currently it looks like this bullish rally is about to continue itself as there are no signs that show this bullish trend is over yet. So until we get any opposite signs my view remains bullish here. Also the ADX indicator gave a bullish signal at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as evidence of bullish pressure. So everything looks good here for the bulls and we may now move down to lower timeframe and see if we can find evidences supporting this bullish view.
AUDCHF H4(4 Hours) Chart Analysis – Bullish Trend Pattern, Stochastic Oscillator, Strong Support Zone
On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows which we may consider 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. We also had a strong resistance zone that had formed which the price has broken above and currently, this strong resistance zone is acting as a strong support zone for us. Also based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as evidence of bullish pressure. So until this strong support zone holds my view remains bullish here and I expect the price to continue higher further
Technical Analysis & Forecast Summary
AUDCHF D1(Daily) Chart Analysis
- No Opposite Signs, ADX Indicator
AUDCHF H4(4 Hours) Chart Analysis
- Bullish Trend Pattern, Stochastic Oscillator, Strong Support Zone
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