vlad.adrian
Short

GBP/AUD - looks weak and ready to short

FX:GBPAUD   British Pound/Australian Dollar
316 0 6
The picture is similar on all AUD charts, the aussie looking strong. But AUD fundamentally is weak, that is what macronalysts say, not me, I do not know anything about that. I think that if the australian dollar             will rally a bit, it will give some fantastic selling opportunities.

The weekly chart is not bearish , but not so bullish either. The daily chart though looks weak. Price rallied to retest the H&S neckline, with weak candles and RSI close to overbought. The MACD histogram is falling, and this is the first signal that the rally is weakening.

My trade plan is :
1 - Enter a sell stop order for two lots two hours (that's when I'll sleep) before the chinese data.
2 - Exit one lot at 1.77550 or both if there is a bullish divergence (that is what I would like to see on AUD pairs, corrective double bottoms or double tops with bullish/bearish divergences)
3 - Exit the second lot at 1.74550.

My position will be very small because forex is not really my thing, I still have a lot more to learn.

The 4H chart here :
snapshot
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