AUD/CHF slumps, 'Shooting Star' suggests further declines
AUD/CHF extends weakness after upside was rejected at daily cloud.
We evidence a 'Shooting Star' pattern formed on the daily charts which supports further weakness in the pair.
Price action has retraced below 21-EMA and 5-DMA, eyes major trendline support (Triangle Base) at 0.7280.
Breach at 'Triangle Base' raises scope then for test of 0.7242 (2018 lows).
Bearish invalidation only on break above cloud base.
Support levels - 0.73, 0.7280 (trendline), 0.7263 (Mar 28 low), 0.7242 (2018 lows till date)
Resistance levels - 0.7366 (5-DMA), 0.7370 (21-EMA), 0.74
Good to stay short on upticks, SL: 0.7375, TP: 0.73/ 0.7280/ 0.7245
We evidence a 'Shooting Star' pattern formed on the daily charts which supports further weakness in the pair.
Price action has retraced below 21-EMA and 5-DMA, eyes major trendline support (Triangle Base) at 0.7280.
Breach at 'Triangle Base' raises scope then for test of 0.7242 (2018 lows).
Bearish invalidation only on break above cloud base.
Support levels - 0.73, 0.7280 (trendline), 0.7263 (Mar 28 low), 0.7242 (2018 lows till date)
Resistance levels - 0.7366 (5-DMA), 0.7370 (21-EMA), 0.74
Good to stay short on upticks, SL: 0.7375, TP: 0.73/ 0.7280/ 0.7245