AUDCHF: Structure Based Trading Plan

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By VasilyTrader



 AUDCHF has reached the first strong resistance after a bullish rally from 0.535.


Important clues to consider on daily:
overbought rsi
bearish engulfing candle

On 4H the pair is forming a bearish triangle with a sequence of lower highs.
we need 0.607 support to be broken (4H candle close below) to short the pair.

Target levels:
0.597
0.585

Stop will be placed above the last lower high of the triangle.

If the market violates the triangle to the upside, setup will be invalid. 

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