AUDCHF now finally due for a sell?

As AUDCHF hurtles towards the fortified 10159 level of resistance that remains unbroken since 2008, eyes are open for a potential short! Even this price is currently above parity (a key psychological barrier on its own), we can see that the behaviour of price action over the past 4 years validates the 10159 as a far stronger level to contend with. As always, we trade what we see - not what we think and this looks like a very good 'supply' zone where we can pre-empt sellers coming back into the market.

A 1.272 Fibonacci extension also overlaps perfectly with 10159.

While you could be forgiven for simply waiting for a reversal bar to confirm a safer entry, I am going to place an order a little below the level to take advantage of the 'lightening before the thunder' and getting into the trade at the most efficient price in a bounce trade where not only is probability 70% in favour - the reward to risk is significantly more favourable than if it was traded as a breakout trade.