GBPAUD - Continuing the downside (Revised target to 1.982)
Continuation from the previous analysis:
Weekly Head and Shoulders, price action has been quite choppy for the past two weeks, but patience will definitely pay off on this trade.
Obstacle 1: Weekly Break out from the minor price channel
Obstacle 2: Break of the neckline (2.08724)
The above will clear the way to 2.02135/1.982 eventually and the larger 1.9 if we get lucky.
Three profit targets, positive swaps on GBPAUD shorts.
Price retested 2.14 and i'm expecting a test to 2.15 level, I think this might be the last retrace before the declines start.
Weekly Head and Shoulders, price action has been quite choppy for the past two weeks, but patience will definitely pay off on this trade.
Obstacle 1: Weekly Break out from the minor price channel
Obstacle 2: Break of the neckline (2.08724)
The above will clear the way to 2.02135/1.982 eventually and the larger 1.9 if we get lucky.
Three profit targets, positive swaps on GBPAUD shorts.
Price retested 2.14 and i'm expecting a test to 2.15 level, I think this might be the last retrace before the declines start.
Order cancelled:
Scaling down the positions. 2.175 will be a surprise upside move, likely!
