Long AUDCHF

4 มิ.ย. 2019

The Aussie is showing more signs that it is, at least in the short term, done with its slide. It has remained steady this morning even though the RBA has cut its benchmark rate overnight. It is a very strong bullish indication when the market doesn't react to significant negative news. The CHF has outperformed in the month of May and is due a correction. The AUDCHF is very appealing because it's very close to its historical lows and the positive divergence in the RSI is another sign that this pair can move higher.

Entry at 0.6927 and stop loss at 0.9850. personally, I don't expect a very big rally simply because of the trade wars and the Australian dollars close links to the Chinese economy. Will be re-evaluating this position at the end of the week.