AUDCH is in a long term downtrend and put a serious reversal weekly candle last week when backtesting its broken rising wedge. Such rejection in a downtrend should lead to further downside. Short favoured.
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A closer look at the weekly reversal
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4H chart: A short at 0.752 would offer a 1 to 2 Risk-Reward to target 0.73 with a stop above previous high.
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Stop was hit during the week, Price reentered the rising wedge in a powerful move. Looking to buy the dip now on..