AUDCHF Trade this rejection or break-out

1 thg 10, 2024

The AUDCHF pair is now on its 1W MA50 (blue trend-line) having rebounding on the 1-year Support Zone. Even though the multi-year pattern is a Channel Down, we are low enough historically, having reached levels not seen since March 16 2020, that we may have to start considering a long-term reversal.

As such, our trading plan is focused on a potential rejection or bullish break-out. Short near the top of the Channel Down for a potential Lower Highs trend-line rejection and target 0.56000 (Support Zone). If however the price breaks above the Lower Highs trend-line, take the loss on the short and buy, targeting the 1W MA200 (orange trend-line) at 0.63000.

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