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.
If you want live updates and more information, make sure to contact me via pm or skype. I provide signals for auto trading. I'm also providing access to a live trading chatroom where we give education to traders, as well as discussing the positions we're in. All of these are free of charge for concordbay.com customers.
Cheers,
Ivan Labrie Time at Mode FX Analyst at Concord Bay dot com
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Smooth sailing.
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You can reshort.
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Both entries in.
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New short entry fired today.
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Almost at low volume resistance.
Trade closed manually
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Posted new chart too.
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Not half bad,,,
Trade closed: target reached
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Sadly I didn't get here myself, but my target is finally hit.
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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.