Good afternoon team,
With the US China tensions rising we want to get a position on the AUD. The CHF is also classed as a safe haven currency. This makes a great pairing fundamentally to play into the risk off flows.
AUDCHF 4 Hour Charts
There has been a break of a key trend line. The market is now testing the bottom of a bear flag formation. The last major high was lower then the previous suggesting bearish momentum. We are now waiting for a breakout to the downside of the bear flag.
Trade Setup: SELL STOP – Entry price 0.6520, stop loss 0.6620 and take profit 0.6320.
Stop loss: 100 pips
Take profit 200 pips
If you are able to watch this live wait for the breakout and retest then trade.