Intro: CADCHF has made an exit of its channel signalling a change in momentum, and also providing a great opportunity to buy.
Buy above 0.7400. Stop loss at 0.7360. Take profit at 0.7493.
Reason for the trading strategy (technically):
Price has made a bullish exit of our long term descending channel signalling that we’re likely to see a change in momentum from bearish to bullish. We look to buy above 0.7400 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7493 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) has also made a bullish exit of its long term descending resistance-turned-support line signalling a corresponding change in momentum too.
Buy above 0.7400. Stop loss at 0.7360. Take profit at 0.7493.
Reason for the trading strategy (technically):
Price has made a bullish exit of our long term descending channel signalling that we’re likely to see a change in momentum from bearish to bullish. We look to buy above 0.7400 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7493 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) has also made a bullish exit of its long term descending resistance-turned-support line signalling a corresponding change in momentum too.