AUDCHF Potential Bounce | 25th Nov 2021

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Prices appear to be consolidating in a triangle. We see potential for a bounce from our 1st support at 0.67155 in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement and bullish trendline towards our 1st resistance at 0.67558 in line with 23.6% Fibonacci retracement and 50% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd resistance at 0.67872 which is an area of Fibonacci confluences. RSI is at a level where bounces previously occurred.

Trading Recommendation

Entry: 0.67155

Reason for Entry:

127.2% Fibonacci extension and 78.6% Fibonacci retracement and bullish trendline

Take Profit: 0.67558

Reason for Take Profit:

23.6% Fibonacci retracement and 50% Fibonacci retracement

Stop Loss: 0.67872

Reason for Stop Loss:

Area of Fibonacci confluences

The material has been provided by InstaForex Company - www.instaforex.com

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