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AUDCHF poised for a clean bearish setup

One of the worst currencies among the majors is AUD. This was apparent last week, but it can also be seen at the beginning of this week. In this analysis, I would like to show you what's happening with the AUDCHF pair, as I find it very technical and the situation here is definitely worth considering.

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The setup here is very strong from a price action point of view, and should bring us a few pips of profit. The pair is in a deep downwards trend. In the second half of September, we had a bullish correction (wedge, pink lines). This correction ended with a bearish breakout and a sell signal. In addition to the lower pink line, the price also broke the horizontal support on at 0.703 (green), which additionally strengthened the negative approach.

The second half of Monday brings us a small reversal, but for the mid-term situation it seems rather meaningless, and perhaps it will be used by dominant sellers to open positions with better (higher) prices. The sell signal is on as long as we stay below the green line.


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