Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

by Seth Parker on October 11th, 2018

AUDCHF Analysis – Very technical sell signal

Today, the setup on the Forex Market will represented by the AUDCHF. This is not a major pair but the current price action is very technical and I think that this is a great trading opportunity. AUDCHF has a legitimate sell signal, which was triggered yesterday.

In the long-term, the price is in a deep downtrend. September was a month of a bullish correction, which was shaped like a flag (black lines). The flag ended in line with expectations – with a bearish breakout. In the meantime, the price managed to create another bearish pattern – head and shoulders (red neckline), which was an additional negative factor. Yesterday, AUDCHF, managed to break the neckline, which in theory gives us a sell signal.

audchf chart

As long as we stay below the red line, the sentiment is negative. The first target for the sellers are the lows from September and chances that we will get there are very high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))