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AUDCHF Should Clear Horizontal-Support To Justify Trend-Line Break

Sep 26 2017, 12:04 AM (CDT) |


Even after breaking nearly three-week old ascending trend-line, the AUDCHF failed to dip below the 0.7645-40 horizontal-support and is presently witnessing pullbacks towards 0.7685 and the 0.7720 immediate resistances. Given the pair's ability to extend latest recovery beyond 0.7720, the 0.7740 and the 0.7750-55 horizontal-line can be targeted by buyers, which if broken helps them look to current month high around 0.7795 - 0.7800. If at all the Bulls continue dominating trade sentiment above 0.7800, chances of the pair's rally in direction to 61.8% FE level of 0.7820 can't be denied.

On the contrary, pair's successful break of 0.7645-40 horizontal-line could quickly fetch it to 0.7600 – 0.7595 support-zone, which if cleared might flash 0.7560 and the 0.7540 numbers on the chart. Moreover, pair's extended south-run beneath 0.7540 can make it vulnerable to visit the 0.7500 round-figure.

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