The resistance seems to be very strong here, not letting price go through it. On the 2hours time frame the price chart of AUDCHF is currently right at the resistance, testing it for the for the 4th time. When price of any currency continue to hug an horizontal level for too long, this indicates that price will likely breakout from that level. The ascending triangle chart pattern as shown above, on AUDCHF is a bullish reversal chart pattern.
The height of the ascending triangle chart pattern is used to calculate the take profit level which is above the horizontal resistance.
The levels are clear at the horizontal resistance has been broke by a lot of rejection wicks.
Breakout level: 0.68035
Resistance 1: 0.68205
Resistance 2: 0.68496
Resistance 3: 0.68783
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The height of the ascending triangle chart pattern is used to calculate the take profit level which is above the horizontal resistance.
The levels are clear at the horizontal resistance has been broke by a lot of rejection wicks.
Breakout level: 0.68035
Resistance 1: 0.68205
Resistance 2: 0.68496
Resistance 3: 0.68783
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
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.
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.