AUD/CHF short trade idea
Updated
Upside for now remains capped at 0.74 handle and we see breakout there to see further gains.
On the flipside, the pair is trading below all major moving EMAs.
Break below 0.73 handle will see resumption of weakness.
We then see scope then for test of 0.7220 (88.6% Fib).
Support levels - 0.73 (psychological level), 0.7285 (78.6% Fib retrace of 0.7146 to 0.78 rally), 0.7220 (88.6% Fib)
Resistance levels - 0.7384 (5-DMA), 0.74 (psychological level), 0.7480 (1H 200-SMA)
Good to go short around 0.7370, SL: 0.7425, TP: 0.73/ 0.7285/ 0.7220
On the flipside, the pair is trading below all major moving EMAs.
Break below 0.73 handle will see resumption of weakness.
We then see scope then for test of 0.7220 (88.6% Fib).
Support levels - 0.73 (psychological level), 0.7285 (78.6% Fib retrace of 0.7146 to 0.78 rally), 0.7220 (88.6% Fib)
Resistance levels - 0.7384 (5-DMA), 0.74 (psychological level), 0.7480 (1H 200-SMA)
Good to go short around 0.7370, SL: 0.7425, TP: 0.73/ 0.7285/ 0.7220
Comment
TP1/2 hit. Book partial profits. Trail SL to 0.7342 (5-DMA)Price holding minor support at 0.7268 (July 7 lows).
Bias lower. Break below 0.7268 could see more downside.
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