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AUDCHF Rejects Resistance Level - Anticipating More Downward Movement

audchf rejects higher prices at reistance

The AUDCHF market has rejected moves higher into a dominant resistance level on the daily chart. As resistance held strong here, the market closed as an aggressive bearish rejection candle with quite a large upper tail as the bears stepped in and denied this market the privilege of maintaining prices above the level. The large upper tail suggests price tried to break through the key level and created a breakout trap for the bulls. Price collapsed back below the resistance level closing lower than it's open price.

We can anticipate further bearish momentum off this setup. A retracement entry has already been triggered which I mess, so I guess we will have to wait for the next price action sell opportunity to manifest with the developing bearish momentum.