AUDCHF GREAT OPPORTUNITY
Updated
AUDCHF on the daily chart has been travelling in a large descending channel, and inside that channel is a triangle which was broken out of to the downside, since then, price has formed a descending trendline, however we have reached a major reversal poinnt of this wave, we are at a major resistannce and also the 0.618 retracement level.
Price shot up from this area to the trendline where it rejected the trendline, If price breaks out to the upside of the trendline then we could see price move up to the top of the ascending channel or even the -0.217 extension level. If price breaks below the 0.618 and current resistance then price could move down to the next support zone marked out above
Price shot up from this area to the trendline where it rejected the trendline, If price breaks out to the upside of the trendline then we could see price move up to the top of the ascending channel or even the -0.217 extension level. If price breaks below the 0.618 and current resistance then price could move down to the next support zone marked out above
Note
Price broke out of the triangle to the upside and we had 5 days to indicate long trades. almost at target which is the top of the blue channel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.