Hello everyone traders!
Just a simple analysis about GBP-AUD , there are 3 signals that make me think to go short on this pair:
1) The price touched an important resistance zone around 1.79500.
2) Market will close really soon and is going to close with a bearish engulfing daily ( strong bearish candlestick pattern)
3) Touched 0.5 fib zone. Fibonacci started from the high around 1.85 zone of the 26/04/2018 to the low around 1.74 zone of the 06/06/2018
As you can see from the arrow that's pointing downside , a strong bearish impulse did the retracement and now i think that's over.Will go in lower timeframe to find a good entry , a first profit zone might around 1.76500 where EMA 200 in daily timeframe may act as support. While a 2nd more ambitious profit zone might be 1.75 zone , previous low zone.
Obviously that's just my analysis , invite you to leave a comment and share with me what you think about this pair.
Hope to have a nice day and a nice weekend traders.
See you next time!
Just a simple analysis about GBP-AUD , there are 3 signals that make me think to go short on this pair:
1) The price touched an important resistance zone around 1.79500.
2) Market will close really soon and is going to close with a bearish engulfing daily ( strong bearish candlestick pattern)
3) Touched 0.5 fib zone. Fibonacci started from the high around 1.85 zone of the 26/04/2018 to the low around 1.74 zone of the 06/06/2018
As you can see from the arrow that's pointing downside , a strong bearish impulse did the retracement and now i think that's over.Will go in lower timeframe to find a good entry , a first profit zone might around 1.76500 where EMA 200 in daily timeframe may act as support. While a 2nd more ambitious profit zone might be 1.75 zone , previous low zone.
Obviously that's just my analysis , invite you to leave a comment and share with me what you think about this pair.
Hope to have a nice day and a nice weekend traders.
See you next time!
Comment:
1.79500 is still acting as resistance. Formed first a bearish engulfing on this signal now is still forming bearish candlesticks. Look for it closely.
Comment:
Perfect resistance 1.79500. The price in the next days will probably move in this triangle between the descending trendline and the support ( yellow line ) around 1.77500 , wait for a breakout of the trendline or the support , at least in 4h timeframe. Obviously who is in from 1.79500 zone move the SL around 1.79.
Comment:
1st TARGET reached : 1.76500
2nd TARGET not yet : 1.75000
Created a low at 1.75700
2nd TARGET not yet : 1.75000
Created a low at 1.75700