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AUD/CHF Long Opportunity at 0.9934

Last updated 7/13/2012 5:49 PM EST (GMT -5) 0 Comments - Add your comment

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A bullish pattern is currently forming on the AUD/CHF 1hr Chart.  There are several reasons that we are looking for support at 0.9934.  The entry is located near the convergence of the following levels: 100% of 01, 127.2% of AB, and 1A=BC.  This creates a pattern that is a potential double bottom.  Also, our entry would fulfill the criteria needed for a bullish Gartley pattern.  The trade is invalidated if the pair rallies to 1.0041 before reaching the entry.

The pattern suggests buying the AUD/CHF if it drops to 0.9934 (Point D).  Point D is located at the convergence of the following points:

To recap, the pattern suggests buying the AUD/CHF at 0.9934 with our stop placed at 0.9912.  Our initial profit target is 0.9968 (38.2% of BC).

• • AUD/CHF at 0.9934.">
    
  • 1hr Chart - Buy AUD/CHF at 0.9934.

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About The Author

Bradley Gareiss has been a technical analyst with GFT since 2008. Brad is known for his ability to identify high probability trading opportunities through geometric pattern recognition. He also focuses on trading psychology and risk management, and has written many extensive articles on these subjects.