AUDCHF rejected at resistance trendline. Short Favoured.
AUDCH is in a long term downtrend and put a serious reversal weekly candle last week when backtesting its broken rising wedge. Such rejection in a downtrend should lead to further downside. Short favoured.
Note
A closer look at the weekly reversalNote
4H chart: A short at 0.752 would offer a 1 to 2 Risk-Reward to target 0.73 with a stop above previous high.Trade closed: stop reached
Stop was hit during the week, Price reentered the rising wedge in a powerful move. Looking to buy the dip now on..
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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.