FX:GBPAUD   British Pound/Australian Dollar
GBPAUD             looks to be set-up for a break lower after touching the 0.236 fib level very neatly. This might be the start of a new wave?

On both 4H and Daily we are in overbought territory, especially the daily TF. On the 4H TF we also seem to have formed a strong bearish divergence that might start come into play next week if we break the lower trend line of the bullish trend .
Price is consolidating around 2.03 ready to do something. Maybe a break lower towards 2 and 1.98?

Last two daily candles showed a nice bearish signal and of today closes as a spinning top it could be the third candle that indicates that the bullish momentum is gone.

Order triggered at 2.03
STP             = 2.0540

TP1 = 2.00
TP2 = 1.98


Comment: This might become a large cup/handle? The handle being the to be formed correction to 1.98, 1.94?
Comment: And we are finally of!
Comment: And we have reached our second target. Congratz to those that traded this!
Trade active: I entered (again) on the correction of yesterday which was a retest of the break through the day before, i.e. level 2.00.
The price is showing nice downward pressure indicating a desire to move lower. A close of the day at these levels and preferably sub 1.98 opens up the path to 1.96 and 1.94 which are levels easily obtainable before the VERY important referendum within two weeks.
Comment: P.S: I entered at 1.9985 and again on 1.9940 which results in an average entry of 1.9974.
TP1 as mentioned at 1.96 and if we have a clean break like on the 22nd of February I may keep it till 1.94. If we bounce off of 1.96 I'll close my position. Of course the price might hit my lowered TP at B/E + 30 pips as well. Time will tell.
Trade closed manually: Target almost reached so manual close before the weekend.

Holding over the weekend means extra interest that you have to earn back and H4 is overbought on both RSI and stoch which indicates a potential correction so now is the perfect time to close and enjoy a stress free weekend.
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