AUDCHF 0.6675 Breakout Failure

20 Tem 2022

While I normally try to capitalize on breakouts, I'm actually anticipating this one to fail. Price breached above the 0.6675 level and failed to accelerate higher. Furthermore, I don't consider this a strong breakout as price stalled by the painting of overlapping bars. On a final note, the daily timeframe does not show any indication of a structural move.

While price is currently holding above the 0.6675 level, I expect this won't be supported. Directionally speaking, I anticipate price will break back below this level.

20 Tem 2022

Not

Here's how I plotted my daily timeframe:



Upside should be expected if price successfully makes a clean breach above 0.67110.