AUDCHF Trading Setup

Euro-zone manufacturing PMI climbed to 53.5 in September. ECB is likely to keep its asset-purchasing programme in December.

The trading idea from last time did not perform exactly as expected. The GBPJPY pair has climbed more than expected and violated the imminent resistance level. The picture is looking blurred now and I would not really touch any GBP-related pairs now. BREXIT rumours are giving everyone a great deal of trouble, so I will stay away for the time being.

AUDCHF Trading Setup

Today’s trading setup is coming from AUDCHF. It is one of the less traded pairs, but it looks like we have some bullish momentum gaining pressure. I am looking at the daily timeframe and all I can see are bearish rejections and pin bar- engulfing the previous candle. On top of that, the level that this candle has formed on is a minor support level. Therefore, I will be looking to enter in a long trade. My entry would be at 0.7470. My stop loss would be placed just below 0.7400. My first target is the level of 0.7650. From there, it will come down to price action to dictate the next move/price target.

Happy Trading,

Colibri Trader

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