Follow the trend

3 ธ.ค. 2019

AUDCHF has been in a downward trend for the last 2 years and i would assume that will continue into the near future. the channel was drawn on the daily chart and trade set on a 4 hour chart. Price has broken through the bottom of a consolidation sitting under our EMA ribbon. It is always possible price will move back into that range but i believe the pressure from a two year trend will win the day for this short. I expect price to fall through the entry price, quickly retest the old support for resistance then continue down staying under the EMA ribbon.

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Happy trading.