AUDCHF Uptrend Fizzles Out?

After a spectacular rally for the past few months, it seems that the upward move of AUDCHF is exhausted.

There is a classical double top being formed. It is not forming a higher high and the 8/21 EMA is heading down and crossing soon.

The inside bar set-up with a pin bar is the type I like best. After a bearish downward move, it tries to go back up but failed eventually thus having a upper shadow, which formed a pin bar. The price action is telling me that it is rejecting higher price.

One could enter a short position upon breaking the low of the mother bar.

The support is at around 0.9940. We will see if it will reach that support area.

audchf

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