Forex Markets Calm Ahead Of Quarterly End
Mon 26th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- CADJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| AUDCHF Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.5990 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 0.6040 | -50 Pips | |
| Profit 1 | 0.5910 | +80Pips | 1: 1.6 |
| Profit 2 | 0.5875 | +115 Pips | 1 : 2.3 |
Details:
AUDCHF has pushed CADJPY to the side for once on the day traders tables, being the one to watch for us today.
AUD is the weakest currency with CHF being the strongest, should make for selling opportunities on AUDCHF.
AUDCHF reached it’s highs on the 15th June rejecting key resistance of 0.6150.
Since then, price has traded lower, trading through key minor support levels such as the 0.6100 and most recently 0.6000.
This support now resistance 0.6000 level is where we are anticipating further selling opportunities are to come from.
Not only is it a whole psychological number, it holds multiple confluences such as trend line resistance and a 50 moving average.
Sellers could target the 0.5900 level of support which formed back at the end of May 2023.
Technical Observations:
- CHF is S1 and AUD is W1 on our day traders tables.
- Price is in a bearish trend heading towards 0.5900 lows.
- On the hourly chart, price is trading below resistance of 0.6000 and 50 moving average.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
