Good Morning Dynamic Traders,
The weekend is finally upon us. My apologies for the late update, I have made a last minute decision to come home for weekend for some home cooking.
I hope you’ve all had a great week and I thought I would round off some of the price action on the AUDUSD and USDCHF.
In the day chart below you can see the AUDUSD. Price is currently dropping, and if you look at the bigger picture since August you see a double top formation. However this will only be confirmed once price has broken the neckline and we are halfway there.
We can’t take action just yet, because it is too soon act, but standing a-side is also a position and patience is a virtue.
I also want to briefly look at the USDCHF, because price is still on its steady climb and recently it has tagged the bottom trend line of the channel which has helped price to continue its climb.
However now will be a very interesting time for the USDCHF, because price has arrived at the resistance area and I’m looking forward to seeing price has what it takes to continue to climb.
I hope you all have a great weekend
Carpe Diem
Richard
