Drw1994

AUDCHF Retrace then continue up trend!! £$€!!!

Long
FOREXCOM:AUDCHF   Australian Dollar / Swiss Franc
From the chart shown, the blue line at the top is a trend line from the 2 previous highest points on the daily chart , price is currently on an upward trend/motion heading towards that overall trend line . The supply zone between 67.2 - 67.4 has broken through which now turns to a demand zone , from looking at the stoch indicator we see the lines cross over signalling price may drop, drop down to the 1H chart you see a bearish engulfing meaning price is going to drop down to retest the new demand zone on the 4H chart which we will look to enter a BUY position and continue the current movement.

Confluence in this analysis is price currently moving upward, breaking through a supply zone , creating new demand(which is set to be retested) fib retracement also shows new demand area shares the 0.382 and 0.5 fib levels, 20 MA also shows movement towards the upside

R:R:R - 2.65
OP - 67.386
SL - 67.073 (-30.3 pips)
TP - 68.178 (+80.2 pips)

Comments

Agree mate ✅
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