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.