The markets have been pretty quiet this week, most likely because everyone is waiting for the first NFP data to come out on Friday. So not much going on, but on the AUDCHF there is a potential setup which may fuel a bullish breakout.
An NR3 setup, which is short for ‘narrow range 3’. Basically means 3 tight range candles clustered together that signal tight consolidation. Usually narrow range consolidation setups produce good breakouts. Since this market has just come off a double bottom and is looking biased to the upside, we could potentially see a breakout as price moves into new highs.