maxw3st

GA possibly long or short depending

Long
maxw3st Updated   
FX:GBPAUD   British Pound / Australian Dollar
From its current price GA could go either way. There is strong support immediately below which could start a move higher towards the high, or above. Alternatively, it could break down through 2 or 3 pivots and drop a fair way. Will watch to see what develops. A long entry off support will be set up with a tight stop.
Trade active:
This pair is a little like EURAUD. It looks much better on a weekly chart. Wkly shows a bear flag in play since Oct. 2016. The current high is one of three in an expanding wedge formation. There may be a fourth high coming, but more likely it is breaking down now. The bottom for this move may well be under the floor of the flag. I will take any moves back toward the top as an opportunity to enter short.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.