AUDCHF Forms Bullish Trading Opportunity
Tues 31st October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- EURCHF (Covered In Video)
- EURCAD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
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.
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