- October 3, 2020
- Posted by: virtualxstore
- Category: trading
Here is the Top-Down Analysis of AUDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 – 05 Oct
W > After facing rejection at price had pulled back and stayed in consolidation for over a month. Price moved up again to retest resistance again and after rejection moved down. We saw an M formation and expected price to move up to test its neck, which piece did.
D > Price went up to complete M formation and it can drop to test weekly support.
As per AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H > After testing resistance at neck of M formation price has started making LH and LL as first confirmation of reversal.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.