AUDCHF Analysis 08/05/2023
AUSTRALIAN DOLLAR / SWISS FRANC H4 Time Frame
Major Trend = Downtrend
Minor Trend = Ranging
Nearest Support Area = 0.58850-0.58850
Nearest Resistance Area = 0.60220-0.60480
Overall Bias = Long
Short Term Target = 0.60635-0.60840
Ideal Target = 0.61000-0.61478
Invalidation Level = 0.58500
Notes :
AUDCHF has been in a strong downtrend since March Of 2021, but its current price action & Elliott Wave Count suggest some possible upside with price rejecting strongly off its major support with a possible formation of a double bottom pattern. Its Elliott Wave Count also suggest a further extension of its 4th minor wave rally.
Our 1st Main And "Ideal" Scenario is the black paths where price is predicted to continue its 4th minor wave rally and confirm its double bottom pattern, with an ideal target around 0.61000-0.61478. This scenario will be invalidated if price breaks below 0.58500.
Our 2nd "Worst Case" Scenario is the red paths where price couldn't break above its current resistance and once again retest its previous major support and making a possible triple bottom pattern.
Major Trend = Downtrend
Minor Trend = Ranging
Nearest Support Area = 0.58850-0.58850
Nearest Resistance Area = 0.60220-0.60480
Overall Bias = Long
Short Term Target = 0.60635-0.60840
Ideal Target = 0.61000-0.61478
Invalidation Level = 0.58500
Notes :
AUDCHF has been in a strong downtrend since March Of 2021, but its current price action & Elliott Wave Count suggest some possible upside with price rejecting strongly off its major support with a possible formation of a double bottom pattern. Its Elliott Wave Count also suggest a further extension of its 4th minor wave rally.
Our 1st Main And "Ideal" Scenario is the black paths where price is predicted to continue its 4th minor wave rally and confirm its double bottom pattern, with an ideal target around 0.61000-0.61478. This scenario will be invalidated if price breaks below 0.58500.
Our 2nd "Worst Case" Scenario is the red paths where price couldn't break above its current resistance and once again retest its previous major support and making a possible triple bottom pattern.
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