This pair, being quite the mirror image of AUDCHF
, has staged an impressive correction worthy of an impulse move. So, going short now, kind of feels like fighting the trend and it may not be easy. The AUD has been oversold in the recent hours and is quite likely to start a recovery in its momentum cycle. I find its relative strength
neutral, not weak yet, no matter how bad it looks now. The EUR is stronger than the CHF, but the're both weak now. The stop should be placed above the spike high to the left, esp
. given the fact that a three drive
pattern may be completed. The target? Either at the crimson median line
or the horizontal multipivot line.
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