AUDCHF - Analysis

Date: 26/11/2012

The price has reversed from 50% retracement on daily chart and I hope and assume the downtrend has resumed. I will like to go short at appropriate level.

Chart 1 - Daily chart

Looking at 4hr chart, both the defense of support trendlines is broken. This is in confirmation with daily analysis and direction. We will look to go short at appropriate level.

Chart 2 - 4hr chart

Bias: Short

Entry: Around 0.9750
Stop loss : 0.9825
Target : <Open>
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Update: 26/11/2012
Trade - 1
Entry: When short at 0.9712 with RSI hovering at around 60
Stop loss : 0.9830
Target : <Open>
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Update - 30/11/2012

The plan layed out  on 26/11/2012 has worked to pip. The price has hit the defined level precisely at 0.9750 before resuming falling. See Chart 3. The RSI on 4 hr chart has entered into oversold level. We will refrain from entering into another trade until this pressure is either released or neutralized.

Chart 3 - 4 hr