f_carter93

Breakout Trade - Long AUDCHF

Long
FX:AUDCHF   Australian Dollar / Swiss Franc
Price has been in a long term ascending triangle with defined support and resistance lines. Price is also above the 200 day moving average so I'm only looking for long trades. A breakout to the upside has recently occurred and the average true range signalled this was a valid breakout. Price has currently pulled and is approaching the resistance turned support line. I'll be looking to go long as price bounces off this support, confirming the breakout and the start of a new trend. If price breaks below the support line, I will not enter the trade. RSI is also in oversold region signalling price is likely to turn to the upside. A stop loss can be place just below support turned resistance at about 0.76000