AUDCHF bullish momentum | 22nd Oct 2021

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Price is abiding to an ascending trendline, signifying a bullish momentum. We can expect price to bounce up from the 1st Support in line with 38.2% Fibonacci retracement and ascending trendline support , towards the 1st Resistance in line with 50% Fibonacci retracement and overlap resistance. Our bullish bias is further supported by the price holding above the Ichimoku cloud and RSI indicator abiding to the ascending trendline support.

Trading Recommendation

Entry: 0.68197

Reason for Entry:

38.2% Fibonacci retracement and ascending trendline support

Take Profit: 0.68919

Reason for Take Profit:

50% Fibonacci retracement and overlap resistance

Stop Loss: 0.67958

Reason for Stop Loss:

50% Fibonacci retracement and graphical overlap

The material has been provided by InstaForex Company - www.instaforex.com

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