FXtrades-gp

GBPAUD: LONG Idea, reaching the FALLING WEDGE Resistance

Long
FX:GBPAUD   British Pound / Australian Dollar
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TECHNICAL ANALYSIS:
Since March 2020, the price has been moving following a clear Falling Wedge pattern, getting a rejection many times on the dynamic S/R Level of that pattern.

At the end of November, the price reached and tried several times to break the trendline resistance, failing any single attempt, collapsing heavly until the support zone at about 1.74000.

As we can see in the chart , the support level 1.74000 is an interesting zone, because gave to the price a strong impulse until the resistance level at 1.79000.
The 7th of January we got a similar situation and right now the price is following a bullish movement, it broke the secondary S/R level and now is trying to reach the next target just on the dynamic resistance of the falling wedge pattern.

CONCLUSION:
Yesterday the price broke the secondary S/R level and the price seems is continuing the uptrend without any hesitation.
If the price will retest the support 1.76000 without break it, I would start looking for a Long position until the level 1.78000

Stay tuned for updates!
What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly
Gianni

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Comments

I am totally with you for this one!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks so much Rich! really appreciate! Have you got the same target?
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Amazing work! Subscribed
+1 Reply
@abel11 Thanks so much! Hopefully it will be useful 😁
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