AUD/CHF slumps to fresh 4-month lows, bias lower
Aussie continues to trade under immense pressure, AUD/CHF slumps to fresh 4-month lows.
Aussie dented from hawkish FOMC monetary policy statement, falling commodity prices and disappointing release of Australian trade balance data and China Caixin Services PMI.
A modest recovery in copper prices, and RBA Governor Lowe’s hawkish comments failed to lend any immediate respite.
RSI convergence with downside price action continues, suggesting more downswings on cards.
The pair has breached major trendline support at 0.74 raising scope for test of 0.7250 levels.
On the weekly charts, price action has broken below 50-SMA at 0.7456.
Support levels - 0.7342 (Sept 30 low), 0.73, 0.7250 (trendline)
Resistance levels – 0.74 (trendline), 0.7428 (5-DMA), 0.7505 (20-DMA)
Good to go short around 0.7380/90, SL: 0.7430, TP: 0.7340/ 0.73/ 0.7255
Aussie dented from hawkish FOMC monetary policy statement, falling commodity prices and disappointing release of Australian trade balance data and China Caixin Services PMI.
A modest recovery in copper prices, and RBA Governor Lowe’s hawkish comments failed to lend any immediate respite.
RSI convergence with downside price action continues, suggesting more downswings on cards.
The pair has breached major trendline support at 0.74 raising scope for test of 0.7250 levels.
On the weekly charts, price action has broken below 50-SMA at 0.7456.
Support levels - 0.7342 (Sept 30 low), 0.73, 0.7250 (trendline)
Resistance levels – 0.74 (trendline), 0.7428 (5-DMA), 0.7505 (20-DMA)
Good to go short around 0.7380/90, SL: 0.7430, TP: 0.7340/ 0.73/ 0.7255
Book partial profits. Lower trailing stops to 0.7380.