AUDCHF - One step from a major sell signal
Today, we have something less popular but in the same time, very technical. A pleasant setup for the technical traders that respect the lines and dots and do not care too much about the fundamentals.
Our here for this week is the AUDCHF and probably that is 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 additional factors. The price is in a main downtrend and most recently made a bullish correction. The upswing stopped on the 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 stars candle patterns. Wait! The sell signal is not here yet! Once thing is missing. For the legitimate trigger to open short position, we need to wait for the breakout of the green horizontal support.
Price closing a day below that green area will be a proper sell signal. As for now, we have to wait so actually do what most of the professional traders do all day.
Author
Tomasz Wisniewski
Axiory Global Ltd.
Tomasz was born in Warsaw, Poland on 25th October, 1985.
