Uncharted-FX
Long

GBP pairs looking good! GBPAUD Trigger!

FX:GBPAUD   British Pound / Australian Dollar
So the charts I am going to cover are GBPAUD , GBPNZD and GBPCAD .

All three share the same thing: an extended trend which is appears to have been exhausted, and now a reversal taking place.

If you look on the daily charts , the GBP has sold off and we have multiple lower highs on the downtrend down to a major support zone . On the GBPAUD we can see on the daily chart many doji and wicks here, and today we got an engulfing pattern. I like to look for pattern. Over on the 4 hour, we have a nice bottoming pattern. You can call it a dirty head and shoulders pattern, or a double bottom but what matters is it is showing a shift or reversal in trends. From lower highs to higher lows. GBPAUD actually had a trigger with the close above the resistance/neckline at the 1.83 zone.


GBPNZD here similar pattern. At the resistance/neckline right now but I would want to see a pullback to form the right shoulder before the breakout so we get our head and shoulders and a bottoming pattern with a higher low to work with.


GBPCAD showing a more extended range/bottoming pattern with the right shoulder and higher low being visible. Want to see a break and close above the neckline at 1.7120 before entering.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out