Pending USDCHF, AUDUSD
I will continue to keep a close eye on the USDCHF as price action as of late remains restricted by the 10 and 200-day SMA’s. Indeed, the overnight rally looks to have tapered off; however, the pair has recovered from oversold territory. Look for a clear candlestick break above 1.0650, which may validate upside potential towards 1.080. With reference to the AUDUSD, I will maintain my short entry position at 0.890 as the 20-day SMA has crossed over above the 50-day moving average, which is indicative of further gains. At the same time, our speculative sentiment index signals for additional increases at a slower pace than previously witnessed. All in all, I will look to enter a short position at a better price as my overall bias is to the downside.
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