AUD/CHF slumps, 'Shooting Star' suggests further declines Short

Australian Dollar/Swiss FrancFXCM

Description

⋅ Jul 11, 2018 9:26 AM

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

Comments

SonicDeejay

⋅ Jul 12, 2018 4:06 AM

AUD/CHF (A Potential +150 pips or more set up)

Allow me to share.

We are seeing a decent form of support region near 0.732x and it should hold well.

And as long as the level is not broken down, I am expecting it will GO UP soon.

0.7460 will be a good TP level.

FxWirePro

⋅ Jul 12, 2018 4:27 AM

@SonicDeejay, This is my weekly chart ... recovery was rejected at 21W EMA ...i feel there is more downside ...good luck anyways .