AUDCHF has been moving for a long time in bearish channel. As a result of rejection of its resistance (lower band) since October 2015 we have seen growth which, if compared with history of this instrument, seems to be less dynamic.

AUDCHF Monthly

Looking at weekly chart, we note that for more than two years market has moved in a consolidation forming a ascending triangle with its upper limit 0.7750 is coinciding with 38.2% of the previous downward movement and 61.6% of Fibonacci correction from the last downward impulse and the trend line.

After precise testing and rejection of this zone there were declines as a result of which market breached the uptrend line and broke the bottom of the triangle formation. Although from technical point of view, such a breakout could open way for further declines in much wider time horizon, in this case declines did not last long.

AUDCHF Weekly

On H4 chart, we will notice that in result of growth ongoing almost from the beginning of June this year market has already broken local resistance at 0.7330. Although later growth did not reach next resistance, we have already seen declines since yesterday. In near future, we expect to be able to re-test the mentioned 0.7330 level.

AUDCHF H4

Bearish scenario for this pair is supported by current situation on H1 chart. It shows that market has already beaten the local (pink) support zone (now resistance), where after re-test appeared a supply reaction.

AUDCHF H1
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