Good afternoon team,
We closed down the pending order on the AUDNZD for the time being, I am still of the opinion it will reverse over the next week so ill keep it on the back burner along with the NZDCAD.
I have also been watching the USDCHF for a long trade opportunity as technically this ticks all of the boxes.
DXY 4 Hour chart
The DXY has declined from its recent peak but appears to be picking up some momentum this afternoon. If the DXY breaks the negative trend line resistance we will be looking to take the USD towards the 93.20 resistance initially.
USDCHF 4 Hour chart
The 0.9118 support appears to be a key buy zone at the moment, there have been multiple touches over the past month. There is an inverted head and shoulders structure alongside a pennant formation. We are now expecting a move to the upside which aligns with the DXY. Targets can be found at 0.9290 and 0.9370.
Trade Setup: Buy market execution, current price 0.9144, stop loss 0.9080 and take profit 0.9370.
Stop loss: 64 pips
Take profit: 226 pips