AUDCHF Having a strong rebound on the 1.5 year Support.
Last time we looked at AUDCHF (October 01 2024, see chart below), we took a long-term short trade based on the multi-year Channel Down:
The 0.56000 Target got hit and yet again the 1.5 year Support Zone (since August 2023) held. Sooner or later, this demand zone should break the pattern upwards and reverse the bearish trend.
Until then, we can continue buying on the Support Zone and target the Lower Highs. This time that trend-line happens to be where the 1W MA50 (blue trend-line) is headed at, so our Target is now 0.58000.
Apart from the Support Zone, we will only buy if the price breaks above Resistance 1, which will be past a Channel Down bullish break-out also, and target the 1W MA200 (orange trend-line) and Resistance 2 at 0.61000.
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The 0.56000 Target got hit and yet again the 1.5 year Support Zone (since August 2023) held. Sooner or later, this demand zone should break the pattern upwards and reverse the bearish trend.
Until then, we can continue buying on the Support Zone and target the Lower Highs. This time that trend-line happens to be where the 1W MA50 (blue trend-line) is headed at, so our Target is now 0.58000.
Apart from the Support Zone, we will only buy if the price breaks above Resistance 1, which will be past a Channel Down bullish break-out also, and target the 1W MA200 (orange trend-line) and Resistance 2 at 0.61000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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🤵Contact info@tradingshot.com t.me/tradingshot
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
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