AUDCHF Forms Bullish Trading Opportunity
Tues 31st October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- EURCHF (Covered In Video)
- EURCAD (Covered In Video)
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Our Interest (pending order)/Open Interest (live position)
| AUDCHF (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | |||
| Entry Price | Buy Stop Order 0.5742 | ||
| Stop Loss (Min) | 0.5722 | -20 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.5800 | +58 Pips | 1 : 2.8 |
| Profit 2 |
Our live forex strength and weakness tables highlight AUD as a strong currency and CHF as weak. The day traders table shows AUD as S2 and CHF as W1.
Looking at AUDCHF weekly (W1) chart, we can see price recently formed a double bottom at key support of 0.5625.
We also noticed on the W1 stochastic indicator that it formed a higher low compared to price which formed a lower low. This is classed as bullish divergence.
On the daily (D1) chart we can see price has breached a trend line resistance which formed from the high on 29th September 2023.
Our stochastic oscillator also shows price is bullish with K above D and pointing higher.
We entered the market for a long position after price closed above the hourly 50 moving average, this can often lead to price continuing its trend.
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Primary Focus Pair Chart:
Technical Observations:
- AUD is S2 and CHF is W1 on the day traders table.
- Weekly chart shows price forming a rejection of previous low at 0.5625.
- Hourly chart shows price closing back above the key H1 50 moving average.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
