FOLLOW-UP STRUCTURE | AUDCHF

Tendency: Temporary Downtrend (Bearish)
Structure: Rising Wedge | Flag Pattern
Observation: i. A representation of a trend line caught between two upwardly slanted lines of support and resistance.
ii. Converging trendline (indicated on chart with the golden range) followed by a breakout movement (0.67500) in the same direction as the impulse leg XA.
iii . Break out at resistance zone @ 0.67500.
iv. The retest at 0.69000 resistance zone can not be ignored.
v. Price below Moving Averages.
Trading Plan: SELL with potential TP1, and TP2 (420 pips) and SL @ 0.70000/0.72000 zone.
Risk/Reward: 1/2.4
Potential Duration: 10 to 20 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.



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