AUDCHF: Fakeout or Breakout?
We can see we've just broken out of my channel top after a strong bullish move, but this isn't the first time and we're hitting strong resistance.
Swissie has been weak of late, unlike the Aussie, so I believe this can go either way. I'll be looking at longs around 0.589 if resistance is broken, but we may well fall back first. If we fall back below 0.578 then I'll be waiting for the triple bottom around 0.561 before looking to go long.
Obviously this could all be a fakeout and we'll be back in the channel, but I do think it's risky shorting down hear unless it's for a quick scalp as it definitely looks like a good double bottom is already in play.
Both of these currencies are gold dependent for different reasons (Aussie exporting it, Swissie holding it), and Aussie is doing well because gold is.
I'm expecting a c0ontinuation of gold strength as per my recent idea, so probably expecting this pair could keep flying?
Swissie has been weak of late, unlike the Aussie, so I believe this can go either way. I'll be looking at longs around 0.589 if resistance is broken, but we may well fall back first. If we fall back below 0.578 then I'll be waiting for the triple bottom around 0.561 before looking to go long.
Obviously this could all be a fakeout and we'll be back in the channel, but I do think it's risky shorting down hear unless it's for a quick scalp as it definitely looks like a good double bottom is already in play.
Both of these currencies are gold dependent for different reasons (Aussie exporting it, Swissie holding it), and Aussie is doing well because gold is.
I'm expecting a c0ontinuation of gold strength as per my recent idea, so probably expecting this pair could keep flying?
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