GBPAUD - Rising Wedge with Bearish Divergence
As we can see a rising wedge formed on 1 hr chart in ascending phase, Right after its appearance a bearish divergence also formed on RSI and its into the distribution phase right now so we can expect a descending phase will start after this.
We can play it by placing our SELL STOP if this distribution rectangle breaks downward and then we can ride it until TP2, However on TP1 we will breakeven our Stoploss.
We can play it by placing our SELL STOP if this distribution rectangle breaks downward and then we can ride it until TP2, However on TP1 we will breakeven our Stoploss.
Entry: 1.89223
TP1: 1.88029
TP2: 1.86858