Hi Traders! AUDCHF updates and follow up of the buy opportunity is here.
In the previous post here we mentioned that on the H4 chart the price broke out at the top of the pattern and then it broke above the previous highs as well and it is moving higher. We may now look for a double wave correction and once the correction completes itself, we can look for buys with bullish evidences. Lets see how this setup has developed now.
AUDCHF H4 Chart:
On the H4 chart as expected the price has formed double wave down. The second leg of this double wave is currently at the 61.8 fibo level and it is respecting the fibo level so far. We have two buy options here the conservative and aggressive approach. While the aggressive approach would has already been triggered. If you want to be more conservative then wait for another double wave to form on the lower time frame and once that double wave completes itself, we may expect a bullish reversal to happen from there. Once the price breaks out of the most recent downtrend line, we can then start looking for the buys.Advertisement
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