We now emphasize "0.7382" areas as stiff resistance of sloping channel as shown on the monthly graph.
21DMA has crossed over 7DMA that signals sell, as a result we are seeing candle t sloping .
While, daily is also converging downwards considering medium term perspectives.
is also substantiating weakness as indicates sell on daily.
First and foremost important aspect is that, the massive volumes have been generated on declining trend (see histograms on monthly charts).
Downtrend sliding in sloping channel, every now and then attempts of bounces were suppressed at channel resistance and curves.
AUDCHF swings have been a slant decline, it forms with a distance of around 1700 pips (see blue circled area where a big candle with big real body measures the distance of the channel almost accurately).
Most importantly, we advise not to get deceived by the indications generated from , and oscillators as you can probably guess what would happen as and when the pair approached channel resistance in past and these technical indicators stand vulnerable with pressures.
Hence, contemplating the previous long term downtrend, we think this pair had taken a brief pause in last several weeks while a slight recovery took place.
Well, for now the advice for long term investors is to wait for better clarity if the pair breaches and sustains above 0.7382 levels on a closing basis.
But for intraday speculative purpose, as the current ATM implied volatilty is spiking above 15.8% one can think of speculating prevailing downswings via one touch binary puts for target of 30-40 pips with strict stop loss at 0.74/10 levels.