GBPAUD (L) - PULLBACK TIME?
This is a pair I have been waiting on for a very long time, has the time finally come for it to pullback?
Looking across many currency pairs, it looks like the GBP may be strengthening over the next little bit, while the AUD is sitting at areas it could drop from.
Monthly on GBPAUD closed as a strong bearish candle
Weekly is sitting at the next support level of 1.7900 and upward sloping trendline
Daily: Provided a lost test candle at 1.7900 two days ago.
4 hr: Has finally broken out of a wedge and trendline, which was acting as dynamic resistance for 2 months (since May 2,2020)
1 hr: Price is currently stalling/ rejecting intraday level of 1.805.
Will be waiting for see what PriceAction looks like when we pullback to 1.8000 (.5 fib retracement)
Will be looking at targeting 1.8500 / daily 50 ema / .382 fib. And potentially higher, depending if the weekly shows potential we can keep moving up.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Comment:
Comment:
This pair is developing very nicely!
Earlier today we had AUD rate announcement which didn't really do much in the market. But now the LTF looks like a set up may be coming up to go long trade.
We can see the 4 hr chart formed nice double bottoms around 1.7900 which followed after the break out of the wedge. I was looking for a higher low to form, instead price dropped further to create double bottoms.
On the 1 hr chart I had drawn in intraday support at 1.78925 late last week, which price reacted to perfectly today.
We then had a break of the 1 hr trendline, and I'm now waiting for a pullback on the 1 hr chart in order to take this long to the daily 50 ema.
Now that the daily (HTF) have shown double bottoms, I think we have a long swing trade finally lining up!
Earlier today we had AUD rate announcement which didn't really do much in the market. But now the LTF looks like a set up may be coming up to go long trade.
We can see the 4 hr chart formed nice double bottoms around 1.7900 which followed after the break out of the wedge. I was looking for a higher low to form, instead price dropped further to create double bottoms.
On the 1 hr chart I had drawn in intraday support at 1.78925 late last week, which price reacted to perfectly today.
We then had a break of the 1 hr trendline, and I'm now waiting for a pullback on the 1 hr chart in order to take this long to the daily 50 ema.
Now that the daily (HTF) have shown double bottoms, I think we have a long swing trade finally lining up!