Technician

GBPAUD: Retesting Broken Support

FX:GBPAUD   British Pound/Australian Dollar
721 12 15
Update: Haven't shorted this one, as there were no clear signal over the four-hour time interval.
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This is not a forecast or a trade, I am just highlighting the technical developments for the pair, trying to show you how i spot my trades.
The pair rebounded sharply of the descending support for the potential falling wedge pattern. The price is currently retesting the previously broken major support, which should turn to a resistance now. and therefore, monitoring for bearish price action is a good idea at this resistance, at least for scalping some pips, i.e. i will be looking for four-hour bearish candle such as a shooting star or a long-legged doji to initiate a short. I will be updating with a setup if materialized.

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DerekUweri71 DerekUweri71
Thanks Technician.
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Technician TOP DerekUweri71
This is not a valid rising wedge
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DerekUweri71 Technician
Thank you sir. These charts have a way of fooling me sometimes. The slope of the support line appeared steeper than that of the resistance so I thought a rising wedge was forming.
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DerekUweri71 Technician
Technician, please can you advise why this is not valid?
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Technician TOP DerekUweri71
Because its very steep wave, and there is no clear tests of the trend lines, there should be at least 2 tests of each trend line, here is an example of a good falling wedge pattern
snapshot
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Technician TOP Technician
Also the chart my chart of GBPAUD above is another example of a potential falling wedge pattern.
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DerekUweri71 Technician
Technician, THANK YOU.
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Technician TOP DerekUweri71
No worries my friend.
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Haven't shorted this one as well, no signal over the four-hour time interval, that's how you increase your chances of avoiding a losing trade.
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