Bullish Momentum Still in Play
GBPAUD started to show signs of bearish reversal around the 1.89 handle with a head and shoulders pattern forming. The pattern was broken. Priced rushed to 1.92 and then dumped perfectly back to the support zone at 1.91 with the help of some very positive Aussie news. London did not push the sell off, and NY provided the bullish relief this morning.
Price is currently consolidating on minor support level 1.915 awaiting the next move.
The next true liquidity grab appears to be around the 1.938 region to the downside; price does not look like its gassed out yet.
AUDUSD also reversed its bullish spike and the larger H&S pattern on the 60M and 240M charts now appears valid again.
GBP strength, Aussie weakness. Follow the trend.
Price is currently consolidating on minor support level 1.915 awaiting the next move.
The next true liquidity grab appears to be around the 1.938 region to the downside; price does not look like its gassed out yet.
AUDUSD also reversed its bullish spike and the larger H&S pattern on the 60M and 240M charts now appears valid again.
GBP strength, Aussie weakness. Follow the trend.
Comment:
Price is still holding strong support at 1.909/ 1.91 levels as it continues to consolidate. Play is still valid. Be aware the current consolidation range is roughly 70-100 pips.