đź“Ś Potential SELL setup for: AUD/CHF
👩🏽‍💻Technical: The monthly chart is showing a clear bearish bias in the market. However, on the weekly chart, the price is still struggling to break the MA 20, which is indicating some buying pressure. Moving on to the daily timeframe, the price has recently pushed aggressively towards the downside and has formed a strong bearish engulfing candlestick. The next target for the price is to break the MA 50 & 100, which might still experience a pullback towards the upside.
🎯 For an ideal entry: Even though the price formed a 4-hour bearish engulfing and closed into a new low, it has not yet broken past the daily MA 50/100. I would aim to enter AUDCHF after a break, followed by a push > exhaustion completion and bearish candlestick formation to confirm my entry and I can potentially aim for a weekly support level as my profit target.
🎯 For an ideal entry: Even though the price formed a 4-hour bearish engulfing and closed into a new low, it has not yet broken past the daily MA 50/100. I would aim to enter AUDCHF after a break, followed by a push > exhaustion completion and bearish candlestick formation to confirm my entry and I can potentially aim for a weekly support level as my profit target.
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