AUDCHF has successfully held its March 2020 lows after a strong August 2024 buyback but intraweek struggles to push towards the 0.58 supply area.

As a result, my July 25’s long trade plan has exited in another loss after holding for 23 hours:

https://www.finlogix.com/analysis/20240725/audchf-intraday-analysis-and-trading-plan-for-july-25-2024

A new overall record of 1 win and 3 losses.

There are 3 remaining high impact economic reports in Australia while none in the Switzerland this week.

Re-assessing AUDCHF’s high timeframe candles:

Yearly Candle: Still a Green Long-Legged Doji since last check

Monthly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Dragonfly Doji

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Long Upper Shadow with a Small Body current is a Green Body with a Short Head Wick

In today’s analysis, I’ll be referencing the complete downward move from July 11 to August 5 swing high to low move as the retracement points of view.

From these points of view, another strong sell side liquidity run happened after some period of consolidation that eventually lead to a fake rally towards the 0.58 level.

On the yearly view, 2020 support levels have been backtested this month preventing a potential bearish lower low!

Current price is hovering again in the 50% fib retracement after a breakout attempt this week the a minor pulled back from there before reclaiming again this day.

The immediate internal resistance is 0.5750-65 range connecting a lower high from the mentioned 0.58 supply area.

A failure break above it will lead to a retest on the nearby 4H bullish FVG.

Good stop loss in my previous long trade that prevented a massive one!

I actually enjoyed some momentary positive unrealized PnL during the mini rally towards the 0.58 level from July 25 entry before the brutal sell side liquidation.

Will long the AUDCHF cross pair again with the same setup previously:

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

Hoping that the recent bounce from this year’s low is the actual price reversal I’m waiting for!

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

AUDCHF Intraday Analysis and Trading Plan For August 13, 2024

Aug 13 2024

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