AUD/CHF rejected at cloud, breaks below 50-DMA, stay short
AUD/CHF rejected at cloud, edges lower from multi-week highs at 0.7430.
The pair has edged lower to break below 50-DMA and bias lower.
Downside has hit fresh weekly lows of 0.7334, has since pared losses to currently trade at 0.7351.
Close below 50-DMA at 0.7365 has raised scope for further drag lower, test of 0.73 (23.6% Fib) now likely.
Technical indicators have turned slightly bearish, Stochs are on verge of bearish rollover.
On the upside, decisive break above daily cloud could see test of 200-DMA at 0.7496.
Support levels - 0.7334 (session low), 0.73 (23.6% Fib), 0.7280 (June 13 low)
Resistance levels - 0.7381 (5-DMA), 0.7398 (38.2% Fib of 0.7807 to 0.7147 fall), 0.7430 (trendline), 0.7496 (200-DMA)
Good to go short on rallies around 0.7360, SL: 0.74
The pair has edged lower to break below 50-DMA and bias lower.
Downside has hit fresh weekly lows of 0.7334, has since pared losses to currently trade at 0.7351.
Close below 50-DMA at 0.7365 has raised scope for further drag lower, test of 0.73 (23.6% Fib) now likely.
Technical indicators have turned slightly bearish, Stochs are on verge of bearish rollover.
On the upside, decisive break above daily cloud could see test of 200-DMA at 0.7496.
Support levels - 0.7334 (session low), 0.73 (23.6% Fib), 0.7280 (June 13 low)
Resistance levels - 0.7381 (5-DMA), 0.7398 (38.2% Fib of 0.7807 to 0.7147 fall), 0.7430 (trendline), 0.7496 (200-DMA)
Good to go short on rallies around 0.7360, SL: 0.74
Stay short for 0.73/ 0.7280/ 0.7265