AUDCHF flag?

Morning Dynamic Traders

Below is the AUDCHF daily chart. I last wrote about this pair in early January while I was away. I was triggered into a long trade at that time, but was stopped out due to the deep pullback, which actually was a consolidation period for price. But not to worry - all part of trading. A loss certainly shouldn't cloud one's judgment for future opportunities. You have to move on remembering each moment is unique in the market!

















Recently price has provided a HH and as expected price is having a breather after quite a long run up. So a perfect time to be on guard and assess your bag of trading tools. What are our confluences:

1. The trend is up - although price does pullback quite regularly, so it may be a bumpy ride
2. VI support
3. TL support
4. Price above major RN 9.000
5. ST false bars
6. Possible flag forming? Retest of R as S.

I'm awaiting a bob of the high for entry on this one. Please do carry out your own analysis before placing any trades.

Abundant trading!
Sonia Molina