AUDCHF's possible return to top half of fork = long opportunity?
Context: see my first comment.
Long AUDCHF at 0.8698 (clearing midpoint of latest CD and immediate prior high), stop 0.8399. (Intraday charts could offer tighter stop placement.)
Targets
-nearby: 0.8989 (likely turquoise resistance on sliding parallel) RRR: 1.7
-intermediate: 0.9600 (blue dotted upper quartile) RRR: 3.7
Rationale: AUDCHF's steep decline seems to have petered out in two ABCD patterns with failed CD legs. A bullish AB rally followed, which could yield CD follow-through taking AUDCHF across the blue ML, back into it's preferred upper half of the better-validated blue fork, to sliding parallel resistance or beyond.
Disclosure: I'm a newbie & I just made this up. Feedback welcome & best of luck :)
Long AUDCHF at 0.8698 (clearing midpoint of latest CD and immediate prior high), stop 0.8399. (Intraday charts could offer tighter stop placement.)
Targets
-nearby: 0.8989 (likely turquoise resistance on sliding parallel) RRR: 1.7
-intermediate: 0.9600 (blue dotted upper quartile) RRR: 3.7
Rationale: AUDCHF's steep decline seems to have petered out in two ABCD patterns with failed CD legs. A bullish AB rally followed, which could yield CD follow-through taking AUDCHF across the blue ML, back into it's preferred upper half of the better-validated blue fork, to sliding parallel resistance or beyond.
Disclosure: I'm a newbie & I just made this up. Feedback welcome & best of luck :)
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