AUDCHF Breaking Resistance & Pullback
Price has recently broken out of a resistance zone at the 0.712 level that had been tested multiple times. Since breaking out, price has come back to re-test the zone from the other side and is now beginning to accept that level and push upwards. There is also an upwards trend line in place that has been tested and bounced off of 3 times which has acted as confirmation of its validity.
I am looking at this trade as a breakout opportunity and will be wary of price potentially moving back towards the trend line in order to test it again, however due to the positive upwards momentum tying in with the breakout, I am confident of an upwards price movement.
TRADE DETAILS
ENTRY: 0.713 - 0.714
STOP LOSS: 0.71 - 0.711 (just below peaks under the resistance zone)
TAKE PROFIT: 0.7235 (based on previous minor resistance points)
I am looking at this trade as a breakout opportunity and will be wary of price potentially moving back towards the trend line in order to test it again, however due to the positive upwards momentum tying in with the breakout, I am confident of an upwards price movement.
TRADE DETAILS
ENTRY: 0.713 - 0.714
STOP LOSS: 0.71 - 0.711 (just below peaks under the resistance zone)
TAKE PROFIT: 0.7235 (based on previous minor resistance points)
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