Congestion In The Swissy & Aussie
If there’s one thing that most of you should probably know by now and that is that I just love congestions.
Why?
Simply because you can easily define support and resistance points.
We have popular patterns such as:
- pennants
- flags
- triangles
- ranges
And all these other fancy names that revolve around the market doing something but going nowhere.
It also makes my job at making money all the more easier too.
So what has me so excited about the USDCHF & AUDUSD charts?
On the USDCHF chart we have a pennant forming on its hourly chart (click the image to enlarge):
On the AUDUSD chart we have sideways congestion, with anticipation of a breakout to the downside (click the image to enlarge):
Oop… USDCHF breaking out.
Outta here.
Tags: AUD USD, Forex Trading, USDCHF