After gbp aud recently respecting the larger daily outer structure, we have now formed a more recent S/r level. also with that we have a new higher high and a higher low meaning the bull run is coming. A lovely 50% fib hit also more so confirming the move upwards. 226 pips up to the previous high as mentioned the set uo looks very promising.
@Apex_Gregg, Price action couldn't hold at that level id market out. No valid trade set up. Price is back to a daily trend line currently at a whole number along with a decent support and resistance level. It wouldn't surprise me if we get an entry to go long this week but patiently watching it and seeing if we can capitalize on it. one to watch next week. im actually bearish on this pair looking on the weekly and monthly time frames but were currently in a nice 12345 elliott wave formation in which i think we may reach previous highs and my drop out the sky from that point, certainly an interesting pair to watch. So initially im looking long but overall on higher time frame its bearish to me.
Apex_Gregg
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@R2R-James, cheers for that 👌 we are also in a long position on this pairing at the moment.