This is simply a long term technical setup with recent Aussie dollar strength and relative Franc weakness taken into consideration. I am a bull on the Aussie dollar.
AudChf Daily Chart
At the beginning of the month we saw price opening between the Monthly pivot and MM2 0.73235, an area for bulls to buy with a much more conservative target being MM4. We saw price breaking through what was the a resistance level of 0.74692 and market action moving averages. It is current at a key resistance level where also lies MR1. a retest at the role reversal is eminent. The daily stochastic is overbought.
AudChf H4 Chart
Price opened at support at the beginning of the week, also with the 21 Moving Average acting as dynamic support. It went on to break what was then a key level of resistance and reached the weekly bull target. With some profit taking at play, I am expecting it to retrace back to the role reversal, which also coincides with the fib zone, for further bullish movement.
AudChf H1 Chart
It seems like a head and shoulder reversal pattern is forming on this chart, Should this happen, I'd looking at buying opportunities at 0.75000.
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