AUDCHF: Structure Based Trading Plan

22 apr 2020

hey guys,

AUDCHF has reached the first strong resistance after a bullish rally from 0.535.

important clues to consider on daily:
overbought rsi
bearish engulfing candle

on 4H the pair is forming a bearish triangle with a sequence of lower highs.
we need 0.607 support to be broken (4H candle close below) to short the pair.

target levels:
0.597
0.585

stop will be placed above the last lower high of the triangle.

if the market violates the triangle to the upside, setup will be invalid.