Strong sell side liquidation continues to show through AUDCHF completely retracing May 20 to June 18 swing move.

As a result, my July 18’s long trade plan has exited in loss after holding for 1 day and 16 hours:

https://www.finlogix.com/analysis/20240718/audchf-intraday-analysis-and-trading-plan-for-july-5-2024

A new overall record of 1 win and 1 loss.

There are no high impact economic reports both in Australia and Switzerland this week.

Re-assessing AUDCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top now a Green Long Upper Shadow

Monthly Candle: Last check is a Red Long Upper Shadow now a Red Body with a Longer Head Wick

Weekly Candle: Both previous close and current are Red Bodies with Longer Head Wicks

Daily Candle: Previous close is a Red Shaven Bottom current is a Red Body with a Longer Tail Wick

In today’s analysis, I’m still referencing the complete downward move from May 20 to June 18 swing high to low move as the retracement points of view.

These points of view are completely retraced today suggesting a weakening Australian dollar against the Swiss Franc.

If selling pressure continues, there is a remaining buying order block formed last April 19’s swing low points.

These are the next sell side liquidity levels to be targeted otherwise we can see a recovery rally soon assuming current liquidity sweep below June 18 lows is enough already.

In today’s trade plan, I’m going to open a new AUDCHF long position through a possible lower low to end the trading week.

Previous 4H bullish FVG now becomes a bearish OB according to the chart above. This helped in sending the price lower.

I’ll be targeting the 0.60 level to take profit while setting the stop loss a few pips below 0.58.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

AUDCHF is already oversold. Let’s expect some upward bouncing soon.

All trade ideas I share are my own views and for my own trades only.

AUDCHF Intraday Analysis and Trading Plan For July 24, 2024

Jul 24 2024

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