In the daily chart, we have what appears to be an expanding triangle. The inside trendlines form a very clear ascending megaphone pattern, so it's possible that the pair rallies above resistance.
I have labeled the significant profile levels on chart, and a potential path price might follow. We are currently in a short position, but if the price were to prove us wrong, we will flip into a long trade to capture the megaphone's last leg up.
We can't be biased by the charts when fundamentals and correlations with copper demand a selloff. If the selloff fails in audusd, our gbpaud short will most likely work and VERY well. This lets us construct a balanced portfolio, and always contemplate the different make or break levels that would invalidate one thesis and invigorate the other.
Good luck, See you at the skype chatroom gents.
Cheers,
Ivan Labrie Time at Mode FX Concord Bay Analyst
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Analysis seems to be valid, might have to flip long for the rates decision.
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5 days without a new low today...we have to monitor this one closely.
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Nick_C_
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This looks more beautiful each time I look at it
Trader-Mick
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Excellent one! We have a good chance to complete at E,