AUDCHF: Bearish continuation - Will it reach 0.55190?
AUDCHF is trading within a well-defined descending channel, with price action respecting both the upper and lower boundaries. The recent rejection from the resistance zone suggests sellers are maintaining control, supporting a potential continuation of the downtrend.As long as the price remains below the resistance level and the channel's upper boundary holds, the bearish structure remains intact.
A potential downside target is 0.55190, aligning with the lower boundary of the channel. A break and close below this level could signal further bearish momentum.
However, a breakout above the resistance zone would invalidate the bearish scenario and may indicate a potential reversal or deeper pullback.
Always confirm your setups and trade with solid risk management.
Best of luck!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.