AUDCHF Presents Bearish Entry Criteria

This AUDCHF one-hour chart presents a bearish trade setup, with a downtrend confirmed by a sloping trendline and three downward-moving averages positioned above the current price. The price recently touched the 61.8% Fibonacci retracement within a resistance zone, suggesting a likely continuation downward. For a potential short entry, consider placing a stop loss above the 72% level of the Fibonacci retracement to limit risk and target a take-profit near the recent low around the 0% Fibonacci level. The confirmations again;

• Retest of trendline resistance;

• Rally-base-drop supply zone;

• 62% of the Fibonacci retracement.

Analyst’s Expectations:

Direction: Bearish

Target: 0.56644

Invalidation: 0.57191

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Author: Adetola-Freeman Ogunkunle

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