AUD/CHF Price Analysis: 4HR bulls about to make their moves
The price of AUD/CHF is under the spotlight as from both a fundamental and technical standpoint, there are compelling developments in place.
Risk-off tones are emerging in the Chinese and US trade war saga while Australian coronavirus new cases are mounting day by day which threatens the state of play for the AID bulls.
CHF is a renowned risk-off currency and the US dollar could well find a bid on the trade war risks and general profit-taking.
Nevertheless, the technicals remain bullish, to a degree.
The following is a top-down analysis on the cross which gives some food for thought for both the bulls and bears, the near term and longer-term.
The bulls are running into a supply zone
Weekly wave-3 and trend-line support
Bulls are in charge and wave 3 should be an impulse extension to higher highs with little interruption.
However, a W formation is taking shape which could attract a pullback to the eclipsed red candle's highs.
Daily support structures, bulls in charge while above
4HR corrective price action prior to next bullish impulse
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.