Is AUDCHF Heading Back To All Time Lows?
Tues 8th August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- NZDUSD (Covered In Video)
- AUDUSD (Covered In Video)
Risk warning: Trading carries a high degree of risk. Read more here.
We have a full board today on our live forex strength vs weakness tables, this shows 9 potential pairs of interest for us.
One for us to focus on today is AUDCHF.
AUD is the weakest currency on both of our tables still, and CHF is climbing the ranks on the strong side of our day traders table. .
The weekly chart shows price in a strong downward trend, heading towards the all time lows around 0.5500.
This could be targets for traders in the long term.
On our trading time frame such as the H1 chart we can see the price broke back down through the 50 moving average, as well as a minor trend line support.
We could now look for prices to retest a level of resistance before seeing prices continue to trade lower.
Using the Fibonacci retracement tool we identified the 38.2 level aligns with previous lows adding confluence to the level of 0.5720.
If price returns to this level and we see selling coming in, it could provide us with a short opportunity.
