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ForceFollower
May 20, 2014 1:58 PM

AUDCHF Completing The Deep Correction? Long

Australian Dollar/Swiss FrancFXCM

Description

I think the AUDCHF is slowly completing its correction and is about to resume the uptrend. I find it likely to bounce off of two warning lines at the greenish support level that marks roughly the half of the completed May impulse wave. The AUD is clearly oversold, but I don't find it weak; rather neutral. The CHF is relatively overbought, but its relative strength is still at its lows - actually, I find no currency as strong as the Swiss franc is weak. I don't expect this pair to go to new highs though; rather - retrace up to the multipivot level 0.83250. I think the lows of the 9th May should provide a solid protection for a stop loss.

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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Comments
alex.a
Dude ~ you are such a prolific dude ~ It is getting better and better ~
ForceFollower
Thanks, dude. Doing my best. :)
ForceFollower
Finally target hit.

HexVex
Superb!! Well done! I chickened out a long way back :D
ForceFollower
Thanks. Yes, it takes patience for most wins.
HexVex
Balls too :)
ForceFollower
Yes, indeed. :)
ForceFollower
To me, this MLH still holds. So I stay long:

ForceFollower
I'm still long. Waiting for my target to be hit.

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