EWForecast
Long

AUD/CHF: 3 Waves Correction In Progress

FX:AUDCHF   Australian Dollar / Swiss Franc
78 views
1
78 0
With RBA switching their policy stance into neutral early this year, traders have reduced their expectations for futher interest rate cut from RBA. As a result, AUD has been recovering nicely since early this year. One pair which shows a clear structure to participate in the AUD recovery is AUD/CHF .

From the high in Aug 2012, we can clearly see five waves down in AUD / CHF. This looks to be a textbook structure of 5 impulsive waves:
1. Wave 3 = 1.618 x Wave 1
2. Wave 5 = Wave 1
3. Wave 5 loss of momentum is confirmed with the RSI divergence at the end of Wave 5

AUD / CHF is likely in 3 waves correction right now. Wave (C) = Wave (A) at 0.87 and this is probably just the first wave A of the three waves ABC correction. Following retracement to wave B later, the pair is likely to resume higher again and likely to target 50% retracement of the whole drop at 0.9015.

Follow my twitter handle for further update of this trade idea and others @cmellon1976
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out