AUDCHF Looking for a pullback to go short for the week of 08 Aug
Updated
The fact that this pair is bearish should be evident. The 0.6700 area has been a solid resistance holding price 12 times in the last 30 days. The 50ema adds confluence to this bearish cloud that hangs above this region. Now, price could move straight down when market opens on Monday, but I am hoping that the bulls will make 1 more attempt. If that happens, it will provide a great location to take a short.
Even with a generous stop, we can get a 3.7R trade with target located above the next support in the 0.6520 region.
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Even with a generous stop, we can get a 3.7R trade with target located above the next support in the 0.6520 region.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content. Please comment and share your own thoughts!!
Always use sound money and risk management and stay patient in all your trades.
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