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AUD/CHF: Is the Australian dollar doomed?

Apr 24 2019, 06:45 PM (+06) |


The Australian CPI published Wednesday morning demonstrated consumption decreasing. CPI for the first quarter is 0% (the forecast was 0,2%). As the result AUD started falling. The pair AUD/CHF attracted our attention today, because the Australian currency reached its resistance line and luckily fundamental news confirms the bearish tendency.

Technical analysis

On the 1W TF the 200-EMA is moving down – the trend is definitely bearish. The trend line, which is linking highest highs in January and June 2018 is heading down as well. The price touched the line and started bouncing back. Simultaneously the Williams %R oscillator intersected its upper line while moving down.

On the daily TF the price broke the 23.6% Fibo correction level. Parabolic SAR reversed and DMI lines are intersecting each other. The local trend line up was broken by the price. The first target could be 0.7149 and the second target is 0.7119.

Results: we recommend considering short positions

Fundamental analysis

On Thursday there is a holiday in Australia – trade volume might be low. Friday becomes important showing the PPI statistics for the 1st quarter.

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