From the Technical Views:
1. From the weekly point of view, price moving to the downside aggressively without any proper retracement, we can expect a deeper retracement soon; at least to the 32.8 FIB level, as shown on the chart.
2. Also, from the daily point of view, GBPAUD has created a fake breakout to the downside and created an equal high at the moment, having a fake breakout and equal high, we can expect the formation of the IHNS pattern.
From the Institutional's Views:
1. Bearish bias on both GBP and AUD in the longer term of view, but in the short term, they are bullish bias on both.
2. In the new data, 3.7k of the long positions were closed on AUD and 690 of the short positions were added on AUD, meaning that after AUD moving to the upside aggressive, they are starting to profit-taking and shorting the AUD at the movement, so we may see some weakness arise on the AUD, and drive GBPAUD to the upside.
How to approach GBPAUD?
1. Waiting for the market create the right shoulder, after complete the right shoulder, switch to the lower timeframe, and looking for a long opportunity, the target can be the weekly 38.2 FIB level as mentioned above.
2. Long at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on GBPAUD or which pairs you would like to me analyze in the future.
1. From the weekly point of view, price moving to the downside aggressively without any proper retracement, we can expect a deeper retracement soon; at least to the 32.8 FIB level, as shown on the chart.
2. Also, from the daily point of view, GBPAUD has created a fake breakout to the downside and created an equal high at the moment, having a fake breakout and equal high, we can expect the formation of the IHNS pattern.
From the Institutional's Views:
1. Bearish bias on both GBP and AUD in the longer term of view, but in the short term, they are bullish bias on both.
2. In the new data, 3.7k of the long positions were closed on AUD and 690 of the short positions were added on AUD, meaning that after AUD moving to the upside aggressive, they are starting to profit-taking and shorting the AUD at the movement, so we may see some weakness arise on the AUD, and drive GBPAUD to the upside.
How to approach GBPAUD?
1. Waiting for the market create the right shoulder, after complete the right shoulder, switch to the lower timeframe, and looking for a long opportunity, the target can be the weekly 38.2 FIB level as mentioned above.
2. Long at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on GBPAUD or which pairs you would like to me analyze in the future.