Fxprotrader
Long

GBPAUD Watch For A Breakout Before Going Long

FX:GBPAUD   British Pound/Australian Dollar
After breaking a long term downtrend and having retraced to that broken level, price is about to break above a wedge pattern. When the breakout happens we should watch for a buy setup before going long with this pair. A MACD bullish divergence shows that this down move is about to end.

Daily Downtrend:
snapshot

honestly I'm thinking takeout. it dropped 79 points on the london open.
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Fxprotrader rubahkecil
It's moving up into a corrective mode.. It might drop..! I am not in this one as no setup has formed based on my strategy..
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Its looking very tired. Could see a move lower down to 618 retracement before uptick at brexit. AUD strengthening due to comodities, no real data coming out in the interim.

it will go up or it will go down or it could go sideways for a while.
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Im looking at it play around the 50% retracement. Has broken the wave 2 downtrend line (just). Ill be waiting for a solid move up before going long.
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According to Metatrader 4 and my timezone, price already broke downtrend line and now retesting it.
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Im thinking the same thing
+1 Reply
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