AUDCHF Daily Long

Category: Setup Number: SU-00000014 Status: Closed (Loss)

Author: Mike Meyrickadmin Date: Edited:

Symbol: AUDCHF Direction: Buy

Price: Free

Price: 0.8598 Stop Loss: 0.8485 Take Profit 1: 0.873 Take Profit 2: 0.895

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History:

 

Over the last couple of days we have seen AUD weakness across most AUD pairs. AUDCHF has been trending nicely over the last few weeks seeing a significant move upwards last week stopping at the key resistance level of 8735. Today we saw price retrace quickly almost to the support level of 0.8500 and very quickly reject that level. In doing so now have a lovely looking low test pin bar rejecting this key level. Consider placing a buy order above the high of today’s bar once it has closed with a stop below the low of the bar. If you want to be ultra conservative with your stop you may wish to place the stop below the 50ema around the 0.8485 level. Either way you can achieve at least a 1:1 risk reward before the most recent high. Please be aware we are expecting 2 AUD red flag news releases at 02.30 BST tomorrow morning which could potentially cause some volatility.
 

AUDCHF Daily Long

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