Similar to the AUD/USD setup I posted, we have yet another AUD setup. Here is why I am going short:
Entry: 1) Lower highs 2) Break and re-test of uptrend channel (Purple channel) 3) Daily chart Price action candlestick pattern is a hanging man
Exit (blue box), Major Confluences: 1) 1.27 fib extensions within the blue box of different swings 2) 50% fib retracement of Dec 2013 swing low to recent Oct 2014 swing high 3) October low 4) .8200, round number
For the above reasons, I am short AUD/CHF. Feedback welcomed.