The AUDCHF is ready for a pullback unless the bulls finish the current trading week above May 20 external highs.

Join me as I share my first analysis and trade plan for the AUDCHF cross pair.

There are no further high impact economic reports both in Australia and Switzerland this Friday.

Assessing AUDCHF’s high timeframe candles:

Yearly Candle: A Green Body with a Longer Tail Wick

Monthly Candle: Previous close is a Red Semi Dragonfly Doji current is a Green Body with a Longer Head Wick

Weekly Candle: Both previous close and current are Green Bodies with Longer Head Wicks

Daily Candle: Both previous close and current are Green Long Upper Shadows

In today’s analysis, I’m referencing the complete downward move from May 20 to June 18 swing high to low move as the retracement points of view.

This down wave move looks complete and an up wave has followed after.

Assuming that the AUDCHF’s local top yesterday is in, then I’m speculating for a price correction soon as price is hovering in premium 78.60% fib levels.

Unless we can see another strong breakout to surpass May 20’s external high that can potentially pave way towards the 0.6250 level.

In today’s trade plan, I’m going to short AUDCHF as its price is hovering in a premium array.

I will enter at the current price level with a stop loss set just a few points above May 20 highs and a take profit target towards 0.5980 level.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I'm betting that this up wave will have a pullback first before the next leg up move.

All trade ideas I share are my own views and for my own trades only.

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