Haven't posted my trade ideas in a while but realized the few of my ideas tend to come to fruition and figured I will keep at it. But that aside, from the chart we can see the massive upward push that GBP got into with the string of bad data coming from the Aussie mid last week and the local elections that occurred in the UK have given us a retest of the March highs and a price we have not seen since 2016. This is a good chance to load up on going short on the pair. With the cash rate decision looming over the Aussie, which is speculated to be cut from the current 1.50% to 1.25%, we could see it most likely having a retest of the current highs. That is assuming that speculation is correct. If they hold interest rates at the current price then we will have a massive push down on this pair due to odds looking for a change in those rates. The pound too will be a tricky pair to trade this week with brexit news coming in on Theresa May caving in to labor party demands. I still believe we will be retesting the 1.85 price range and the trend line will need to hold for a potential retest of those high levels if not we might have a lower low being made. A bearish divergence is being formed on the MACD giving us further confidence that the pair might just be going for a long term bearish turn. I am currently in on short trades with this pair.
Remember, patience is key! GL
DISCLAIMER!!!!
My Ideas are mine and mine alone and are only to provide my perspective of the current market situation. Do not take my posts as trading decisions for entries or exit. Trading the FOREX market is very risky and indulge in it at your own risks!
Remember, patience is key! GL
DISCLAIMER!!!!
My Ideas are mine and mine alone and are only to provide my perspective of the current market situation. Do not take my posts as trading decisions for entries or exit. Trading the FOREX market is very risky and indulge in it at your own risks!