AUDCHF 1:3 Risk:Reward On Offer
Thurs 8th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- AUDJPY (Covered In Video)
- CADCHF (Covered In Video)
- CADJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| AUDCHF Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.6050 | ||
| Stop Loss (Min) | 0.6004 | -46 Pips | 1: 3.2 |
| Stop Loss (Max) | |||
| Profit 1 | 0.6200 | +150 Pips | |
| Profit 2 |
Details:
Today we have seen some changes in the tables with CHF and JPY appearing as weaker currencies.
EUR has dropped off our day traders table, however EURCAD remains in with our call yesterday up over 60+pips currently!
AUD continues to be strong giving us an opportunity to look at AUDCHF for buying opportunities.
On a daily time frame we can see price has been trending down since April 2022.
However, price has recently formed a double bottom pattern at 0.5900 with price breaking through the neckline resistance at 0.6050.
This could see price continue to trade higher with 150+ pips on offer if price tests 0.6200.
Momentum seems to be with this forex pair offering us long opportunities on pullbacks into support.
Technical Observations:
- AUD is S1 and CHF is W1 on our day traders tables.
- Price has made new highs trading through resistance at 0.6050.
- Buyers could look to target the next level of resistance at 0.6200.
- A pullback to the 50 moving average could offer us traders an entry long.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
