On Tuesday, Price breach R1 in the Asian session showing strong Bullish momentum, However, that moment of glory for the Aussies was short-lived. The Aussie currency crashed hard during the European session, breaching daily S3 level even. This price action was a clear illustration that the Aussies was extremely weak. Price make a swing high last Wednesday and Swing low the very next day. On Friday, AUDCHF closed above daily R1 level with another swing high. If Elliott's wave theory holds, price should make another swing low. Major resistance would stand at Wednesday R1 level and Target's projection would be Friday's S1 level. Awesome is showing bearish momentum at the moment, whereas price is still currently above alligator indicating bullish sentiments. The moment price take down alligator jaw line would be the best time to short AUDCHF.
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