AUDCHF: Short Scalp Potential?
Updated
We're in a long-term down trend, so I am overall bearish on this, not seen a huge amount to change my bias in recent weeks.
We may have a double top which coincides with the 50% fib retracement from the last impulse move down, certainly a strong rejection just below a previous 4Hr high.
I'm waiting until the next lower low (around 0.636) to maybe get in, SL 0.6385, TP 0.631 would be my risk and reward.
I am bearish on this pair and as per my previous post I think we'll see 0.62 in the coming weeks, but I do expect a bounce from 0.63 so I'll TP and await another entry down.
I'm conscious that there is the RBA meeting notes at 12.30am tomorrow, there will be volatility which could cause the stop to be triggered so I'll assess later, if triggered.
We may have a double top which coincides with the 50% fib retracement from the last impulse move down, certainly a strong rejection just below a previous 4Hr high.
I'm waiting until the next lower low (around 0.636) to maybe get in, SL 0.6385, TP 0.631 would be my risk and reward.
I am bearish on this pair and as per my previous post I think we'll see 0.62 in the coming weeks, but I do expect a bounce from 0.63 so I'll TP and await another entry down.
I'm conscious that there is the RBA meeting notes at 12.30am tomorrow, there will be volatility which could cause the stop to be triggered so I'll assess later, if triggered.
Trade closed: target reached
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