Today, we have something less popular, but at the same time very technical. We’ve got a pleasant setup for technical traders that respect the lines and dots and do not care too much about fundamentals.
Our hope for this week is AUDCHF, and this is probably the first time that we are writing a piece about this instrument on this portal. The situation here is nice and clean, without any fireworks or unnecessary factors. The price is in a downtrend and most recently made a bullish correction. The upswing stopped at 38.2% Fibonacci, where the price created a double top formation. What is more, the second top of this pattern is made with a shooting star candle pattern. But wait a second! The sell signal is not here yet! There is one thing missing. For the legitimate trigger to open a short position, we need to wait for the breakout of the green horizontal support.
We will have wait. So, we will basically be doing what most professional traders do all day anyway.