AUDCHF has been rallying for a few weeks, but the overall momentum remains bearish... The pair rallied and tested long term holding resistance trendline and respected it at 0.6740...
But we need to confirm a break of market structure on the lower timeframes to signify the shift in momentum back to the bears...
This AUDCHF H4 chart shows that price is slowly losing the momentum to push upwards any further...As we can see, there is formation of lower highs...Price is currently in a triangle and if it breaks it to the downside, it will break the rising trendline....our bearish bias will be confirmed when the zone below at 0.6368 is broken as this will confirm the shift in market structure...
But we need to confirm a break of market structure on the lower timeframes to signify the shift in momentum back to the bears...
This AUDCHF H4 chart shows that price is slowly losing the momentum to push upwards any further...As we can see, there is formation of lower highs...Price is currently in a triangle and if it breaks it to the downside, it will break the rising trendline....our bearish bias will be confirmed when the zone below at 0.6368 is broken as this will confirm the shift in market structure...