The AUD/CHF has been consolidating in a tight range that is reflected by the ATR(5) of only 55 pips. Low volatility and slow movement has been the trademark of most AUD pairs where the AUD is the base currency.
Tight consolidation should be broken and the price should me moving up only if the higher TF momentum is carried over to H1. At this point, we see that the AUD/CHF is rejecting the POC and if the pair stays above 0.7168, bulls will be dominating. 0.7185 is also important from the intraday perspective as it marks a strong confluence support for bulls. Targets for the bounce are 0.7246 and 0.7257.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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