AUDCHF, resistance zone has become support zone.
Price has recently broken through a resistance zone and came back to retest it as support. If price makes its way up to the newest resistance zone for a 2nd time and does not breakout of it, we can drop to a lower time frame and look for a reversal pattern before entering a sell.
However, if price decides to breakout of this uptrend sooner and breaks through the trend line instead, drop to a lower time frame and look for a pullback before entering a sell.
Be careful with this pair because price could also decide to retest the support and resistance zone after breaking out of the trend line and decide to continue its bullish momentum.
Happy trading!
However, if price decides to breakout of this uptrend sooner and breaks through the trend line instead, drop to a lower time frame and look for a pullback before entering a sell.
Be careful with this pair because price could also decide to retest the support and resistance zone after breaking out of the trend line and decide to continue its bullish momentum.
Happy trading!
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