Technician

AUDCHF: At Descending Resistance #forex

FX:AUDCHF   Australian Dollar/Swiss Franc
1148 1 35
As clear on chart, the price has been in a down trend for the past few months. forming consistent lower highs and lower lows..

First Scenario:
At the moment, the price is retesting the descending resistance for a falling wedge pattern , so far its holding and no bullish breakout. The price also faces 0.7080 horizontal resistance. I see a potential for another downside dip here.
That would make shorting below 0.7080 a valid trade, with first target at 0.7020 followed by 0.6950 and a stop above 0.7140.

Alternative scenario
The price could be heading for a bullish breakout of the falling wedge pattern. If that breakout materializes, i will be looking for long confirmation above 0.7130. targeting 0.7230.

My best regards
Technician
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BejeVladimir
a year ago
So that means to open 2 trades, one short on 0.7080, and a long one over 0.7130? Or how would you approach this?
Ty!
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