AUDCHF - Potential Short Opportunity from Key Resistance
AUDCHF is currently testing a significant resistance zone. Historically, this area has seen strong selling pressure, leading to notable bearish moves. The recent bullish push into this resistance zone suggests a potential for sellers to regain control.A bearish confirmation, such as rejection candles, bearish engulfing patterns, or long upper wicks, would increase the probability of a downward move. If this scenario unfolds, the price could head toward the 0.56623 level.
Traders should remain cautious and wait for clear signs of selling pressure before considering short positions. Proper risk management is essential, given the possibility of a break above the resistance zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.