AUDCHF - bullish setup

Jan 24, 2023

Hi everyone 🙂 The trend appears to be upward on both the 1-hour and 4-hour timeframes. The daily chart has broken above moving averages of 20, 50, and 100, and we are currently around 60 pips away from daily resistance, with the weekly chart showing movement between the 20 and 50 moving averages. The 4-hour chart also shows a clear pattern of a push followed by exhaustion, with a bullish engulfing candlestick closure. Additionally, hedge funds have slightly increased buying power for the AUD, while the CHF is being heavily sold off. While the outcome of US PMI news may affect the trade, the current setup looks promising for aiming for those 60 pips and potentially reaching a target profit of TP3. 😊