Continuation of a Strong Bearish Momentum for AUDCHF
Updated
Fridays session has been controlled by the bears, as evident from the last bearish candle showing strong momentum to
bring the price down to the Daily support zone. A Head and Shoulders can also be seen at this timeframe.
https://www.tradingview.com/x/UwAjxkb4/[/image/
Down at the 1hr tf, price can be seen bouncing in and out of the Daily Support Zone, coupled with a few doji,
also price has formed a descending triangle right at the support zone, which is a repeat of the previous descending triangle
from a few candles just before the strong bearish market took over, further supporting the possibility for a continuation of the bears.
However, what is more striking here is the presence of the Bearish Pinbar in the guise of a bullish candle closing right
below the support zone, to me, this means that the bears is not yet exhausted and still capable of pulling the price down.
https://www.tradingview.com/x/f52F4P4i/
Price is also below 200EMA giving this trade a bearish trend bias, further confirming the presence of the Head and Shoulders.
Place a Short position when the market closes below the Support Zone.
bring the price down to the Daily support zone. A Head and Shoulders can also be seen at this timeframe.
https://www.tradingview.com/x/UwAjxkb4/[/image/
Down at the 1hr tf, price can be seen bouncing in and out of the Daily Support Zone, coupled with a few doji,
also price has formed a descending triangle right at the support zone, which is a repeat of the previous descending triangle
from a few candles just before the strong bearish market took over, further supporting the possibility for a continuation of the bears.
However, what is more striking here is the presence of the Bearish Pinbar in the guise of a bullish candle closing right
below the support zone, to me, this means that the bears is not yet exhausted and still capable of pulling the price down.
https://www.tradingview.com/x/f52F4P4i/
Price is also below 200EMA giving this trade a bearish trend bias, further confirming the presence of the Head and Shoulders.
Place a Short position when the market closes below the Support Zone.
Note
Price has formed a megaphone at the 1hr chart
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