AUD/CHF: Return to the downtrend with this bat?

FX_IDC:AUDCHF   Australischer Dollar/Schweizer Franken
102 2
Same principle as with AUD/CAD , possible bat close to completion. we might have additional resistance from a previous low structure level.

This bat might be the start to resume the previous downtrend.

SL above X of the bat, no 38.2% target for me, 61.8, 88.6 and the full 100%...
Let's see what happens!
I followed this idea though AUD looks strong these days and I'm almost regretting. What do you say? Thanks
KVE jukilo2000
Hi, thanks for the input!

Yes, AUD has been going strong for the past weeks, I'm long AUD/NZD for the long run by the way (from 1.0504, up almost 500 pips, 1st important target might be coming up soon...), I also have an AUD/USD long running with SL at BE so my open positions are all LONG!

What concerns this pair: the move from this bat's A point to the C point looks like a corrective structure, i.e. a contracting triangle which could suggest that we might get downtrend continuation soon.
The 3 previous down moves and corrections look like a 5 wave EW structure allthough wave 4 overlaps wave 1 a little so technically it's not valid. Still the last up move looks like a zigzag correction before possibly continuing the downtrend.

In any case this is a good setup for me, with good R/R and so I'm taking it (orders got filled today)! It doesn't matter to me if it's in the other direction of my AUD/NZD and AUD/USD longs, for all I know we might get a short retracement from this bat and then move further up from there-on, it could all fit within a larger structure.

We'll just have to wait-and-see, no-one knows what will happen, I can only put in my best efforts in analysing the situation, but hey: I'm still a novice... so if you don't feel good with this trade: DON'T TAKE IT, ONLY TAKE IT IF YOUR OWN ANALYSIS CONFIRMS IT!

Cheers and good luck!
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