• FxWirePro: AUD/CHF finds strong support at 0.7325, good to go short on break below

    Source: FxWire Pro - Technicals / 19 Jun 2018 07:41:55   America/New_York

    • AUD/CHF down 0.78% on the day as escalating trade tensions between US and China dent antipodeans. 
       
    • The pair is trading in a Symmetric Triangle' pattern and is currently testing triangle base support at 0.7325.
       
    • Break below will see further downside, scope then for test of 0.7242 (2018 lows).
       
    • Momentum indicators support bears, MACD and ADX also in support on further weakness.
       
    • Price has broken below 100-DMA and daily cloud. Breach at triangle base to see further drag.
       
    • Bearish invalidation likely on retrace above daily cloud. 

    Support levels - 0.7325 (Triangle base), 0.73, 0.7263 (Mar 28 low), 0.7242 (2018 lows till date)

    Resistance levels - 0.74, 0.7410 (5-DMA), 0.7422 (100-DMA)

    Recommendation: Watch out for break below 0.7325 (major trendline support) to go short, target 0.7265/ 0.7245/ 0.72

    FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -140.938 (Bearish), while Hourly CHF Spot Index was at 52.4971 (Neutral) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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