AUDCHF potential short-term bullish bounce | 6th December 2021
Price is abiding to a descending trendline resistance, signifying an overall bearish momentum. However, we can expect price to make a short-term bullish bounce from the pivot level in line with graphical overlap support on the daily and 100% Fibonacci projection towards take profit level in line with 38.2% Fibonacci retracement and 161.8% Fibonacci projection. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is at the support level.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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