AUDCHF: Short Term Sell Opportunity
Australian Dollar/Swiss Franc FX:AUDCHF
Look at this setup, please. The price broke the local uptrend line. The market formed a swing low at 0.68000 level.
RSI confirmed the price reversal from 0.68150 level.
MACD lines and histogram confirm the further downward movement.
DMI is bullish , but ADX line falls – it tells us that buyers are not so active now.
Based on the 1H timeframe, we have a sell opportunity. In spite of the strong upward movement in the daily timeframe , this chart can provide a good sell trade, risky but with good risk/reward ratio.
It is possible to place pending orders for sell below 0.68000 and stop orders above 0.68150. Profit targets should be at SMA100 and SMA200.
It is not financial advice. It is just the description of a possible trading opportunity.
Source: TW DLavrov