Sachin Kotecha
Sach Capital Limited
If we look at the daily chart of AUDCHF, we can see there was a Kumo breakout which occurred on the open of Wednesday's session. The price consolidated after the breakout. Subsequently, failing to continue the upward trend for the time being. Tenkan Sen and Kijun Sen are flat showing there is neither strong buying momentum nor strong selling momentum. Senkou Span A and Senkou Span B is also flat, indicating that we are likely to see the consolidating move continue.
Looking at the 4-hour chart we can see that the price failed to hold above the support level established by Tenkan Sen and Kijun Sen. However, the previous two candles formed a very bullish chart pattern with a hammer followed by a bullish engulfing candle. The break below Tenkan Sen and Kijun Sen may be a false breakout, a close above this level could indicate a potential buying opportunity.
Information provided by Sachin Kotecha and/or Sach Capital Limited is for illustrative and educational purposes only and is not considered financial advice. Sach Capital Limited can’t be held liable for your trading losses. Sach Capital Limited does not in any way guarantee that this information is free from mistakes or errors. Trading CFDs, Spread Bets, and Foreign Exchange carries a high level of risk to your capital and may not be suitable for everyone. Ensure you fully understand the risks involved and seek independent advice if necessary.
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