AUDCHF Preparing To Drop (2 Year Ascending Wedge)
Price has broken out of a 2 year ascending wedge to the downside and is now pulling back to retest the bottom of the pattern before it continues its drop.
We bounced off of the monthly .5 fib level last week which formed a fantastic outside reversal candle, taking out the previous weeks low and then closing above its high to finish the week.
This aligns with the giant 6 year ascending wedge on the USDCHF 0.16% (easy to spot on the monthly line chart)
Opportunity
-I'm watching for a nice high at the 50 day moving average/fib/bottom of wedge to then short down to the yearly .5/.618 fib area between .673~ and .648~
I'll post specific targets and entry data if/when some nice techs form...
Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
We bounced off of the monthly .5 fib level last week which formed a fantastic outside reversal candle, taking out the previous weeks low and then closing above its high to finish the week.
This aligns with the giant 6 year ascending wedge on the USDCHF 0.16% (easy to spot on the monthly line chart)
Opportunity
-I'm watching for a nice high at the 50 day moving average/fib/bottom of wedge to then short down to the yearly .5/.618 fib area between .673~ and .648~
I'll post specific targets and entry data if/when some nice techs form...
Checkout my website @ PatsTrades (link is on my profile page below my picture) for my analysis on other trades like this and subscribe to avoid missing out on ideas and entries.
Thanks!!
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