informedtrades
Long

AUDCHF Pulls Back to Resistance Turned Support

FX:AUDCHF   Australian Dollar/Swiss Franc
20 1 2
AUDCHF             has pulled back to a key level that was established in May of this year. Back then it was a resistance level ; today it is a support level . It also coincides with the 61.8% Fibonacci retracement level of the recent swing low to swing high. Price is also above the 50 SMA and 200 EMA .

In light of all these factors, I'm set to go long at 8356. My stop is at 8316             , and my target profit is at 8476. I'm risking 40 pips to gain 120, which gives me a reward/risk of exactly 3.0.

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Looking forward to it. :)
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