This trade is based off the assumption that commodities will rise in value over the next 3 months. Base metals such copper are at significant support levels. Commodities such as Oats are also poised to drive higher.
The Australians are a significant commodity producers, while the Swiss are significant commodity importers so this trade should work out on fundamental and structural factors at play.
Let's plan on scoring about 400 pips here with a plan to take profit at .7881 or move stops to .77
I suspect the price action to follow along this upward channel and to eventually touch the point where the fibonacci spiral meets the upper blue line, but maybe sooner.
I have outlined a upward sloping trend line as well as a horizontal meeting to form significant support starting now.
Goodluck.
The Australians are a significant commodity producers, while the Swiss are significant commodity importers so this trade should work out on fundamental and structural factors at play.
Let's plan on scoring about 400 pips here with a plan to take profit at .7881 or move stops to .77
I suspect the price action to follow along this upward channel and to eventually touch the point where the fibonacci spiral meets the upper blue line, but maybe sooner.
I have outlined a upward sloping trend line as well as a horizontal meeting to form significant support starting now.
Goodluck.