GBPAUD: Shorts are favored

FX:GBPAUD   British Pound / Australian Dollar
Let's see if GBPAUD             has what it takes to fight all the bearish signals on chart, and break above the previous downtrend mode resistance.
The weekly chart offers a time at mode uptrend expiration signal, which suggests price can retest the mode at 1.94578 in 14 weeks or less.

In the daily, off the recent swing low, an uptrend signal formed, but it has already reached its target, ahead of time.
This suggests it's possible to expect a selloff from this resistance level , also emphasized by the bearish hanging man candle pattern that formed in the last close.
I'll be monitoring for a short entry using the 4h chart, good luck if you decide to take this short.
This is a purely technical setup, we should do our own due diligence with it, since fundamentals for the Aussie don't indicate strength with the potential copper             downtrend that we have detected in our group.

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Ivan Labrie
Time at Mode FX
Analyst at Concord Bay dot com
Trade active
Comment: Smooth sailing.

You can reshort.
Trade active:
Comment: Both entries in.
Trade active: New short entry fired today.
Comment: Almost at low volume resistance.
Trade closed manually: Posted new chart too.
Comment: Not half bad,,,
Trade closed: target reached: Sadly I didn't get here myself, but my target is finally hit.
Comment: It's hard to say if the bottom's in.
It could retrace now, but maybe it just goes for the monthly mode near 1.81.
Not bad at all, congrats!!
+1 Reply
Thanks, GBPAUD is a very trendy pair.
hi guys, i was on board from 2.17, but losing patience looking at audusd. any opinion?
justatrader 8000034855
BoE and Inflation report due today. Could be crucial. 2.17 is a good level, if I were you i'd hold on to it a while longer.
IvanLabrie justatrader
There's a potential uptrend forming but the resistance above is very strong.
If GBPUSD manages to break up from where it is, I'd flip long here.
AlexC IvanLabrie
UK 10 year bond yield just turn negative. Good call.
Weekly signal triggering, you can reshort. Will be a good one I think.
AlexC IvanLabrie

Possible trade pattern for next week I hope.
Good one, it's a good way to describe what's going on.
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