AUDCHF - New Downtrend?
AUDCHF has recently broken the descending channel established in March. Additionally, AUD is currently the weakest base currency on my scanner, with 1H, 4H, and 1D weakness. Meanwhile, CHF is trending upwards, with 1H, 4H, and 1D strength.
Combined, we have AUDCHF breaking support, AUD becoming weaker, and some healthy Ichimoku signals:
On the 4H chart:
- Bearish Kumo, angled down
- Kijun Sen angled down
- Tenkan Sen angled down
- Chiko below candles
- Recent break of support
- Price below Tenkan sen
These are all bearish signals. I will look for short trade opportunities on the 5m and 15m chart. Remember, a HTF downtrend doesn't guarantee a good short trade. Wait for a good opportunity to present itself on lower timeframes to increase the chance of success.
Combined, we have AUDCHF breaking support, AUD becoming weaker, and some healthy Ichimoku signals:
On the 4H chart:
- Bearish Kumo, angled down
- Kijun Sen angled down
- Tenkan Sen angled down
- Chiko below candles
- Recent break of support
- Price below Tenkan sen
These are all bearish signals. I will look for short trade opportunities on the 5m and 15m chart. Remember, a HTF downtrend doesn't guarantee a good short trade. Wait for a good opportunity to present itself on lower timeframes to increase the chance of success.
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