FX_IDC:GBPAUD   POUND STERLING / AUSTRALIAN DOLLAR
25 1 2
This pair has been in a bullish uptrend since Septermber 2014, abiding by a nice structure of higher highs and higher lows.

During April and the beginning of May the pair was in consolidation, whilst being capped by a triangle formation. Since then the pair broke out of this formation and reached what would have been a target for many, the previous high of 2.0024 (0% fib). Price has now retraced to the 23.6% fib, with a potential for a hanging man formation at this level on the daily time frame.

This pair is expected to see a new higher high, if price does show bullish price action around the current zone. A position can be added if bullish pa is seen around the counter trendlilne in the hourly chart.

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SMHuss3
2 years ago
Target one reached. Now awaiting break of high of 2.0024 for long trade. However likely to see a bit of a bearish retracement before that does happen.
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