Hi Traders! AUDCHF triple cycle provides sell opportunity for us. A detailed analysis of this setup is as follows:
AUDCHF H4 Chart:
On the H4 chart the price is creating triple cycle up, the third leg of this triple cycle is forming at the moment. Based on the fibo extension levels of the first leg of the two double cycles we have, the 161.8 fibo extension level and the 100 fibo extension level coincides on the same area creating a magnet zone for us. We may now expect one more push higher with the price reaching the magnet zone and then a bearish reversal to happen from there. We may then expect the price to move lower until it reaches the 38.2 – 50% fibo retrace zone.
AUDCHF H1 Chart:
On the H1 chart we have a good uptrend line and the price is respecting it so far. Currently the price has reached this uptrend line, we may now expect the price to respect it again and create one more push higher with bearish divergence to form. We can then go short with the breakout of the uptrend line.
Note: If you are not sure about how to trade this setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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