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AUDCHF Trade Plan Update: Following SHS Pattern

AUDCHF Trade Plan Update: Following SHS Pattern

We have sold the pair at the breakout of the SHS neckline at 0.67200.

Our first target level was 0.66200. The pair reached the target level and retraced.

As the nature of the breakout patterns, it has tested the broken neckline at 0.67100.

Bearish AB=CD pattern confirmed the resell signal and we have resold.

Price hit the 0.66200 support. Now we see a double bottom.

Our short term trade plan:

  1. If the price breaks 0.66100, targets are 0.65800 and 0.65600 ( The ultimate target of the SHS pattern ). Then we may look for a bullish reversal signal.
  2. If the price breaks above 0.66600 – the neckline of the double bottom – the target is 0.67000. Then we will re sell the pair targeting 0.65500.
  3. Strong bearish trend would be  valid until the pair makes daily closing above 0.68500.

Live Intractive  AUDCHF Chart has been updated for the members.

 

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

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