AUDCHF - On the H4 chart we can see, that after today’s gains price is above bullish Kumo cloud. If current cloud will close above this zone, it will be a signal to open long position. In addition, Tenkan-sen just crossed above Kijun. The target for gains is on the another resistance in 0.7575 area.
Looking to buy AUDCHF as soon as it breaks the downwards channel it is currently in.
Expecting a move up above 0.7500, then bounce on the 0.7500 handle before next move up.
All Trade Parameters shown on the chart. We face a level on top of level scenario. In order to have a higher risk : reward ratio we will only trade the lower demand level. Both levels can be combined as well, however stop loss has to be below lower level.
Got into this earlier in the week. Note the large Bullish candle breaking and closing above the significant resistance, and then a smaller Bullish engulfing rejecting the other side of this level as support. Reward, as always, is 2 to 1.
AUD/CHF is currently on a strong support.
A breakout and trend continuation upwards could very well happen if the actual support holds.
As always, money manage properly and trade professionally.
Happy trading!
