AUD/CHF: Overnight Sell-Off
LiveTradingRoom | Aug 09, 2017 11:11
Today AUD/CHF opened in a bearish tendency, after a small gap: the movement continued undisturbed throughout the Asian session and then we had a correction before the London open, only to see the final acceleration that marked the daily low at 0.7568.
This morning the Power Strenght gave us the following reading: AUD 100% short and CHF 100% buy.
The monthly Net Change was negative and also the Volume Delta, as indicated by the Info Panel Market.
In August we have a 56.25% probability to see the market close a monthly bearish candlestick, according to the Market Stats.
Price action aligned very early, with the Market Pressure underlining a condition of confluence from the scalping to the multiday level.
Algo Zones also showed an RSI confluence below the 50 level.
These elements allowed us to trust the sell signal provided by the Target Geometry at0.7695: the market dropped 127 pips from the entry point exceeding by far target 20.
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