AUDCHF (H4): LONG Idea on this Ascending Channel BREAKOUT!

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TECHNICAL ANALYSIS:
Since the beginning of December, the price got a stronger trend correction, moving up trying to reach the resistance level at about 0.68256.

Once it reached that, the resistance zone rejected the price, breaking it during the second attempt.

As we can see in this chart, few days ago the price also broke the ascending channel and it bounced on the previous resistance zone that now is acting as a strong support.

CONCLUSION:
I think there is a nice chance to see the price continuing the same trend, trying to reach the main resistance zone at about 0.69500.
The price is actually oversold and it clearly bounced on the support zone.
IF THE PRICE will break the ascending channel, we can definitely plan a long trade until the next resistance zone.

Stay tuned for updates!
What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly
Gianni

Kommentera:

The price, as expected, got a nice rejection on the S/R zone and is now starting a new uptrend!