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    Aud/Chf – Will the 3 Year Upper Descending Line Become a Strong resistance Channel Once Again? |KOL

    Abstract:Market participants are at a focal point, at a three year upper descending line which has admirably acted as a resistance line channel and looking at the weekly close of last week trading session candle, the session closed as a red doji candle or to some others, they may say a red spinning top, but it may not matter as the charts tell it more clearly for the viewer, so meaning there is a indecision level holding up at that area and noticing that too, there was a bullish momentum move just to the close the last week trading session for the month of August but is the push up short-lived?
    Jasper

      Market participants are at a focal point, at a three year upper descending line which has admirably acted as a resistance line channel and looking at the weekly close of last week trading session candle, the session closed as a red doji candle or to some others, they may say a red spinning top, but it may not matter as the charts tell it more clearly for the viewer, so meaning there is a indecision level holding up at that area and noticing that too, there was a bullish momentum move just to the close the last week trading session for the month of August but is the push up short-lived?

      Also, buyers have been hold steady for three straight months at price handle 0.67 acting as minor resistance line and inversely sellers have been hold steady for three straight months at price level 0.65 and the 50 MA acting as support confluence band

      Of course, ones discretion and risk management is advised.

      Weekly Chart;

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      Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.

      Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa

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    • Australia Dollar
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    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
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