Week 35: AUDCHF - More bear shall follow
Had a nice short during the consolidation period, and its playing well pretty ok. With price way below the Intraday Control and almost a full bear candle, this move seems very legit. I am expecting more bear to follow.
Trade closed: target reached
Thanks to Mr Kim, who shot another missile over Japan, I took profit. (Of course I would like to wish for world peace instead.) Price action is rather bullish as we can see from yesterday's pin bar.
What interest me is this level at 0.764 where price has been rejected twice. I like to see how the candle ends, and if candle can close below 0.764, then, 0.764 is going to be a very strong resistance.
We can also see, from the updated chart in this comment section that price is kind of respecting the trend line, but we'll have to see how candle close today.
In summary, I am pretty much bearish on this pair as 0.764 is going to be a strong resistance with the trench, Clusters of ICs, Value area and POC there to resist. A short will still be the better bet.