AUDCHF is emerging from local consolidation and entering a distribution phase. Potentially, against the backdrop of a downtrend, the market may be interested in the liquidity zone at 0.5356Globally, we have a strong downtrend and a countertrend correction that is facing pressure in the 0.545 zone. The decline is resuming, but at some point the market formed an EQH liquidity pool at 0.5356, which is most likely acting as a magnet pulling the price towards it...
Based on the technical situation, we can conclude that if the price continues to form a distribution towards the target, the market is quite capable of stopping the price and returning to the downtrend phase.
Resistance levels: 0.535, 0.5356
Support levels: 0.5327, 0.5314
Thus, a breakout of the resistance level of 0.5356 without the possibility of continuing growth and a return of the price below the resistance level with subsequent price consolidation in the sales zone (below 0.5356) may trigger a resumption of the downward trend.
Best regards, R. Lind
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