- May 24, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
GENERAL OVERVIEW: AUD/CHF is trading at 0.6938; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7000 and then resume moving downwards side. The market makes the low volatility in the market; the pair stands towards the selling side and creates the bearish side in the market. The pair moves towards the downside momentum in the market .we can see pair fall continually towards the lower side in the market. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price fall till level 0.6900. The pair makes the bearish signals in the market; the traders can make potential view towards the sell side in the market.
Technical Analysis: From the technical point of view we can say that market makes the downfall in the market , the market makes the swings towards the lower side in the market, the market find its resistance level at 0.7000 level , we can expect further more fall in the market, the traders can take their position towards the sell side in the market , the odds are also in favors of the market , the potential 50 and 200 sma ,ema lines are also providing their support to rise above the pairs , we can also see that last Friday market take its reverse turn in the market as the bullish candlestick are forming , so this way we can analysis that pullback from the bulls side are in continuation towards the market, as the traders need to maintain their stop loss in the trade, The RSI also falls below the 50 level as well as MACD also creates also falls below zero level . The support level will be 0.6880 followed by 0.6800 and resistance will be 0.6990 followed by 0.7050.
Trade idea: our sellers will sit on the selling side at level 0.6930 target will be 0.6880 -0.6840 stop loss will be 0.6980.