GBPAUD Ready to Accelerate - New Highs Coming!
NOTE: This is just analysis/advice, DO NOT FOLLOW this trade blindly - I take no responsibility for it...
Scenario 1:
Looking at GBPAUD on the 1H timeframe, we can see that it is currently approaching the oversold region in terms of RSI, circa 30.0.
This could be the first hint to a reversal.
Right now I think this pair is in a descending broadening wedge structure, where I think it has hit the support line of the wedge, which could mean acceleration of this pair to the upside, once it does hit the support line exactly.
Ideally I think this pair should then accelerate upwards.
Short term targets:
TP1: 1.81750
TP2: 1.82130
Long Term Target (within next week):
TP1: 1.83500 (circa)
The long term target has been taken by duplicating the distance from the highest point of the descending broadening wedge and then to the lowest point(E). This distance was duplicated on the resistance line where price should look to ideally head next.
Scenario 2:
If the descending broadening wedge structure is broken, we could see a pullback to 1.80650 however I see this as unlikely as this pair has recently been extremely bearish & RSI does not look to indicate this.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I nee`d reputation points!!
Scenario 1:
Looking at GBPAUD on the 1H timeframe, we can see that it is currently approaching the oversold region in terms of RSI, circa 30.0.
This could be the first hint to a reversal.
Right now I think this pair is in a descending broadening wedge structure, where I think it has hit the support line of the wedge, which could mean acceleration of this pair to the upside, once it does hit the support line exactly.
Ideally I think this pair should then accelerate upwards.
Short term targets:
TP1: 1.81750
TP2: 1.82130
Long Term Target (within next week):
TP1: 1.83500 (circa)
The long term target has been taken by duplicating the distance from the highest point of the descending broadening wedge and then to the lowest point(E). This distance was duplicated on the resistance line where price should look to ideally head next.
Scenario 2:
If the descending broadening wedge structure is broken, we could see a pullback to 1.80650 however I see this as unlikely as this pair has recently been extremely bearish & RSI does not look to indicate this.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I nee`d reputation points!!
Comment:
Target 1 hit!
Comment:
Stop loss hit!