The following is the 4 hr graph for AUDCHF. If you observe the graph there was a support line which was broken earlier. Now the chart has retraced back to the earlier support line. This may now act as the resistance line. In addition the following are also favorable conditions for a short trade.
1) CCI has reached above 100 which is an overbought region.
2) Stochastics has reached above 80 which is over bought region.
Now if strong bearish candlestick is formed in the four hour chart and if the CCI and Stochastics cross below the overbought regions I think its a good opportunity for a short trade. What do you guys say?
Click on the picture to maximize it
AUDCHF reached the resistance line and moreover both CCI and stochastics reached the overbought regions
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