AUDCHF, it's your time to decide.
Hey traders,
our pair was moving harmonically in a descending channel before the COVID-19 strike, which we've seen that recently recovered from, so back to normality.
The green trendline is the bottom of the channel I mentioned above and price will test it soon. Considering the significance of this line, I say that any move from it will be clean and no traps will take place.
So: if price bounces on the line, we wait a bit and then after 1-2 4h candles we are going long. If price breaks through the channel, we will wait for a retest and then we will go short. No short position before the retest. Due to the importance of this level a retest should happen.
Happy trading and a happy new week!
our pair was moving harmonically in a descending channel before the COVID-19 strike, which we've seen that recently recovered from, so back to normality.
The green trendline is the bottom of the channel I mentioned above and price will test it soon. Considering the significance of this line, I say that any move from it will be clean and no traps will take place.
So: if price bounces on the line, we wait a bit and then after 1-2 4h candles we are going long. If price breaks through the channel, we will wait for a retest and then we will go short. No short position before the retest. Due to the importance of this level a retest should happen.
Happy trading and a happy new week!
Comment:
Trendline retest expected, and then a bearish downtrend to the green key line