AUDCHF: Bullish Flag from PRZ — Rally to 0.54444?

16 Jun

AUDCHF(AUDCHF) bounced from the Potential Reversal Zone (PRZ)[0.5273 CHF- 0.5200 CHF], which aligns with the Yearly Support(1) and the 50% Fibonacci level of the previous bullish impulse.

From a Classic Technical Analysis perspective, AUDCHF appears to be breaking out of a Bullish Flag Pattern, which may suggest the continuation of the previous uptrend.

This bullish reaction also confirms the importance of the Support zone(0.51166 CHF-0.49773 CHF), where buyers stepped in aggressively.

In terms of Elliott Wave theory, it seems that AUDCHF has completed the bearish waves and we should wait for the bullish waves.

I expect AUDCHF to continue rising after a successful breakout from the flag’s upper boundary. If momentum sustains, the target could be around 0.54444 CHF.

Note: Stop Loss (SL) = 0.51972 CHF

Australian Dollar/ Swiss Franc Analyze (4-hour time frame).

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17 Jun

Trade aktif

Position was activated at 0.52877 CHF

24 Jun

Catatan

Still alive

1 Jul

Trading ditutup: stop tercapai

Stop Loss was touched