I try as much as possible to keep away from any GBP pairs because of its currently manipulation and abrupt spikes to either the upside or the downside, courtesy of the Brexit politics ongoing. However, GBPAUD is moving smoothly along a descending trendline on the Hourly continuously respecting the trendline's linear resistance. This bearish movements is further solidified by the gradual formations of LowerHighs. Price is currently sitting below 1.80797 which serves as a level of interest where bears are strongest below it. In terms of target projection, my eyes are set on 1.76581 in the long run putting into consideration how badly Theresa May is handling things on her end. A break of 1.80071 will be additional confluence for the target to be met Looking at the flip side of the coin, with 1.80797 being broken, we can see an upward movement only to be capped by 1.81694( a potential supply area forming). Further updates will be made according to how price has reacted on the named levels.
Trade active
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1.80797 bearish structure has been broken. Bias shifting as i'm looking to see how price will react off of 1.81694
Comment
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After the breakout, i was looking for a retest of 1.80797 where i had buy limits set at. However, price came 5pips shy of activating it and continued with its up move
@DACapitalTrading, nice, I will be long once price breaks 1.80797. I'd like to first see that break of bearish structure before going bullish
ForecastCity
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thanks for sharing. what do you think of long?
DVNNY
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@ForecastCity, for a long trade and complete shift in momentum price not only needs to break 1.80797 but also 1.82063. Then we will be in a healthy bullish momentum. But for now the signs are pointed to a weak GBP