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AUD/CHF| Possible Bearish Pull-back

AUD/CHF Long-Term Trend: Bearish

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Key Resistance Levels: 0.65718, 0.65750, 0.65802

Key Support Levels: 0.65407, 0.65090, 0.64930

3-Hour Chart:

We have seen an 11 day bear market followed by a bullish correction. The correction took us into a resistance area that may kick off another bearish move if we fail to breach it. We got one fail already and are currently testing the resistance zone 

AUD/CHF Medium-Term Trend: Bearish

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30-Minute Chart:

Elliot-wave suggests this may be a 12345 play and we are currently looking for a 4th wave top before we make a potential final dip downwards.

Signal Idea:

Sell Market order @ 0.65736

TP 1 @ 0.65271

TP 2 @ 0.64998

Stop Loss @ 0.65935

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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