Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
AUD/CHF turned down
Trade idea
SELL 0.7085; TP1 0.7040; TP2 0.6980; SL 0.7100
AUD/CHF met resistance in the 0.7200 area and then turned down. The pair is currently supported by the 50-day MA at 0.7090. The decline below this level will confirm a lower top, trigger a “Head and Shoulders" pattern and open the way down to 0.7040 and 0.6970 (Fibo levels of the January-February advance). The return above the 100-day MA at 0.7125 is needed to improve the short-term outlook.
Elizabeth Belugina
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