Blasterh22
Long

Weekly engulfing confirmed on smaller timeframe

FX:AUDCHF   Australian Dollar / Swiss Franc
A few weeks back AUDCHF dropped to 0.7250-0.7300 area and had a big reaction, engulfing the last 4 weekly candles. Although this was a good sign of strength, going long on the weekly close wasn't a great idea because of the SL size. So I waited for a corrective move to the 50% retracement level of the weekly candle. The price dropped even lower giving us a better opportunity to go long. The trigger was yesterdays candle which was a bullish engulfing . I expect the price to go to 0.7450 area and even higher if it will manage to break it.
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