AUDCHF... Downtrend now over? Long opportunity?!
Glancing through my charts this morning and I notice this potential trend reversal trade on AUDCHF. The downtrend may be over for a few reasons...
1. Price still has yet to move lower than the previous swing low
2. Price is finding support at 0.6975 before making a lower swing low
3. Price may close above a clear resistance at 0.7100. If so, there will be added support on AUDCHF, which may encourage price to move higher
4. Depending on where price closes today, we may see a higher high (the more minor trend swings) and a higher low, clear characteristics of an uptrend
Some things to be aware of...
Resistance at 0.7256
Potential downwards channel (marked in grey)
Potential range (marked in red)
1. Price still has yet to move lower than the previous swing low
2. Price is finding support at 0.6975 before making a lower swing low
3. Price may close above a clear resistance at 0.7100. If so, there will be added support on AUDCHF, which may encourage price to move higher
4. Depending on where price closes today, we may see a higher high (the more minor trend swings) and a higher low, clear characteristics of an uptrend
Some things to be aware of...
Resistance at 0.7256
Potential downwards channel (marked in grey)
Potential range (marked in red)