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  • Joseph Barreca

AUD/CHF More Downside After We Take Profits?

Last week I posted about the AUD/CHF pair which had you followed along, would of made some decent profit! The trade hit out T/P last week on Friday before the market close and now we're expecting much further downside movement closer to 0.65080 level.


I will be looking to short this pair at 0.66715 or so with targets at the 0.65080 level.


Technical:

The pair remains in a bearish trend with a current Asia session pullback. I'll be looking at the 50% Fibonacci level for an entry which also lines up with an area of resistance.


Fundamental:

With Australia continuing to extend lockdowns and increasing Covid19 cases, this is an obvious bad sign for the economy especially with the fact that Europe and Switzerland are opening their country again.


We're expecting the AUD/CHF to continue a bearish bias for the rest of August 2021.

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