GBP/AUD has sold off agressively since late Tuesday and now the BEARS are reaching exhaustion.
On H1 the RSI is reading 17.19 so we are well into oversold territory.
MACD is also weakening as the fast MA is poised to move above the slow MA which would be a sign that GBP/AUD BULLS are entering the market.
However.
WS1 pivot sits 14 pips under the current price (1.9307) and its likely that GBP/AUD BEARS will endevour to have one final push to hit this support level.
I'm waiting to see if this happens but its not guaranteed.
The Andean Oscillator will be the key.
We should see the green BUY line start to move away from zero and at the same time we will see the red SELL line start to meet the signal line south and eventually cross.
The last H1 candle was a doji which is an indecision candle (not a reversal candle as is commonly believed - it may well turn out to be one but that would depend on subsequent candles).
An indecision candle confirms a battle between the BULLS and the BEARS.
My guess is we are defintely headed higher, it just aquestion of when.
I'll update this post if we get a confirmed BUY signal.
On H1 the RSI is reading 17.19 so we are well into oversold territory.
MACD is also weakening as the fast MA is poised to move above the slow MA which would be a sign that GBP/AUD BULLS are entering the market.
However.
WS1 pivot sits 14 pips under the current price (1.9307) and its likely that GBP/AUD BEARS will endevour to have one final push to hit this support level.
I'm waiting to see if this happens but its not guaranteed.
The Andean Oscillator will be the key.
We should see the green BUY line start to move away from zero and at the same time we will see the red SELL line start to meet the signal line south and eventually cross.
The last H1 candle was a doji which is an indecision candle (not a reversal candle as is commonly believed - it may well turn out to be one but that would depend on subsequent candles).
An indecision candle confirms a battle between the BULLS and the BEARS.
My guess is we are defintely headed higher, it just aquestion of when.
I'll update this post if we get a confirmed BUY signal.
Trade active:
As anticipated, price has hit WS1 pivot and is now heading north.
I'm LONG from 1.93 with a SL below the low.
Initial target is WPP Pivot at 1.9400.
I'm LONG from 1.93 with a SL below the low.
Initial target is WPP Pivot at 1.9400.