AUDCHF Broken Trend Support

AUDCHF recently broke its trend support (red line) after peaking in an area from where the pair has been rejected several times over the past year.

Since the trend support is broken, I'm positioned with a sell stop order as shown with a target near the 50% retrace of the previous bullish leg which has confluence with some recent minor structure.

Comment:

This has shot up pretty well since publication without hitting my entry level. I'm removing the pending order from my portfolio and watching for the potential development of a bearish channel