Ransquawk

The AUDCHF moves in a downward trend, where in September the minimum around 0.6880 was set. There, too, is currently the key support, from which the rebound resulted in the correction of the last impulse.

As can be seen in the daily chart below, the quotations in the correction are supported by the trend line running from the low from September 14 this year. Last Friday we witnessed another test of this support, which turned out to be successful.

In turn, during yesterday’s session, the bulls managed to set the new maximum at the levels seen last in August, and the closing of the session took place above the key resistance within 0.7120.

Currently, the overcome resistance is tested as support, and yesterday’s breakout opens the way for further increases, where the area near 0.7280 seems crucial. It was from this level that a dynamic sell-off to this year’s low began, and earlier it also acted as a support.

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Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.