Sell AUD/CHF | AUD analysis
- KeonConsultancy.com
- Nov 21, 2019
- 1 min read
If you look at our previous analysis of USD/CHF, you will find that we have been bearish on USD/CHF. After retracing slightly up for last four days, including today, Nov 20; USD/CHF seems to have resumed fall and may go to next target as mentioned in previous analysis. Conclusion: CHF is strong.
As per our observation shown in pic below, AUD is weak.
Decision: The conclusions derived from AUD/USD and USD/CHF, makes us sell AUD/CHF. Besides the conclusions; we on 1H time-frame of AUD/CHF see that tendency of upward retracement, higher highs & higher lows, was broken when a lower high & a lower low were made.
Closed AUD/CHF prematurely because we determined an alternative scenario on CHF.
Alright, re-entered sell position in AUD/CHF (at better than closing price).
In last few days, many such positive and negative tweets have come, which kept JPY from gaining; nevertheless CHF had stayed strong. Therefore close sell of USD/JPY but keep sell of USD/CHF and AUD/CHF until their next nearest targets.
I closed sell of AUD/CHF with +8.1 pips as this positive news about US-China deal came out. Note that AUD behaves like proxy currency of China, so good news for China strengthen AUD. At the same time, alleviation in trade war tension reduces need of save haven currencies like JPY & CHF; it means the news weakens CHF.