Here we have some technical analysis for you on GBPAUD on the four hourly timeframe!
We can see price has previously struggled to break 1.80600 but finally made the move higher last week, we are now coming back down to retest this level as well as our EMA and .382 Fib level. I am anticipating upside from here and will be entering a long position once we get some hourly candlestick confirmations.
with that being said.... its still worth noting the daily chart setup, price may not stop here at the 382 and could come down to the 618 level around 1.79620 where we also have the descending trendline that has been broken as well as some market structure.
I will be watching both the 382 and 618 levels to enter long positions.
Don't just enter at these levels, wait for the correct candlestick formations on the lower timeframes.
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