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
