AUDCHF Short - 1H H&S Pattern / Countertrend
Short term trade for 1:1 R/R.
Daily chart shows signs of deceleration within 0.72500 - 0.7300 support/resistance zone.
On 4H chart pairs has created high test candle rejecting 0.7300 resistance area. Zooming in to 1H chart we can see that it also created small H&S pattern. Based on it I've set up an short entry on Pivot Point retest from the downside.
Target placed just before R1 and 4H50EMA. For me it's only countertrend play as weekly chart has created really strong bullish candle last week, so it maybe bigger pullback to daily 50EMA.
Daily chart shows signs of deceleration within 0.72500 - 0.7300 support/resistance zone.
On 4H chart pairs has created high test candle rejecting 0.7300 resistance area. Zooming in to 1H chart we can see that it also created small H&S pattern. Based on it I've set up an short entry on Pivot Point retest from the downside.
Target placed just before R1 and 4H50EMA. For me it's only countertrend play as weekly chart has created really strong bullish candle last week, so it maybe bigger pullback to daily 50EMA.