AUDCHF LOOKING BULLISH?

2020-01-16 19:55:57

OANDA:AUDCHFGood day traders, i have been keeping an eye on AUDCHF to see if we can find some sort of a reversal signal to the upside. firstly, looking at the weekly time frame we can see that the market is in a correctional phase but prior to this correction we had a strong move to the downside and resting/finding our support structure around 0.6655 and 0.6536. Both of these levels have been tested more than once and price kept bouncing off of these areas, hence this area is a good significant zone(support/Demand area). Now switching to the 4H time frame we see price broke through 0.6655 to the upside and came back for a retest at the very same level. Could this be a signal to the upside? before taking a long trade we have to wait for price to break the 0.6664 level and close above it. Once price closes above this zone then that will be our confirmation of a long trade entry targeting TP1 at 0.6740 and TP2 at 0.6820