Selling AUDCHF from supply in context of an overall down trend
H4 supply (light blue) is providing multiple strong rejections of price in the context of an overall downtrend. Whilst there is some support below from the daily chart, this looks weak and I see price breaking through this and resuming down. I am looking for any pullback to the H4 supply zone for entry, whilst targeting the lower red line at the bottom of the larger range.
In the event that price decides to break upwards, I will be looking to sell from the upper zone, with my stop just above, again targeting the bottom of the larger range.
In the event that price decides to break upwards, I will be looking to sell from the upper zone, with my stop just above, again targeting the bottom of the larger range.
Trade closed: stop reached:
Price spikes up through supply zone on RBA interest announcement