GBPAUD Forming Long Wicks Off Support; Time to Go Long
GBPAUD is boasting the following:
1. Price has pulled back 61.8%, a key Fibonacci level, from its recent swing low to swing high
2. A pattern of higher lows is in place, and price just bounced off the upward trendline of this pattern
3. A doji candle is forming
Moreover, I'm seeing signs of AUD weakness across the board. I still have my long AUDJPY position on, though I'm expecting a bit of a retracement in that pair; if that occurs, this position should help counter the floating losses. I think there is an above average chance of this position being closed prematurely, especially if GBPAUD were to advance but then show signs of reversing prior to reaching the target profit level.
www.informedtrades.com
1. Price has pulled back 61.8%, a key Fibonacci level, from its recent swing low to swing high
2. A pattern of higher lows is in place, and price just bounced off the upward trendline of this pattern
3. A doji candle is forming
Moreover, I'm seeing signs of AUD weakness across the board. I still have my long AUDJPY position on, though I'm expecting a bit of a retracement in that pair; if that occurs, this position should help counter the floating losses. I think there is an above average chance of this position being closed prematurely, especially if GBPAUD were to advance but then show signs of reversing prior to reaching the target profit level.
www.informedtrades.com
