Bullish Engulfing Pattern on AUDCHF at Support

19 sep. 2014AUDCHF is forming a bullish engulfing candlestick pattern right at support. We also have the 200 EMA there. Price is still clearly in an uptrend, as illustrated by the pattern of higher lows and the general slope of the daily chart since the start of 2014. As such, I'm set to go long at support at 8382, with my stop 75 pips away at 8307. My target profit is 8730, which means I'm risking 75 pips to gain 348 -- a reward/risk ratio of 4.64.

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