AUDCHF – SELL STOP – 24th July 2020

AUDCHF – SELL STOP – 24th July 2020 (Closed)

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.

Trade Setup
SELL STOP

Entry
0.6520

Take Profit
0.6320

Stop Loss
0.6620