MinhDucPham

GBPAUD analysis for Week04

MinhDucPham Updated   
FX:GBPAUD   British Pound / Australian Dollar
Short-term bullish , long-term bearish

Weekly: Last month, the pair created a higher high at 1.8000, evening star formation then formed as a sign of retracement. With weekly time frame, especially on GBP pair, I would expect something like 0.786 Fibonacci to be met. 1.7000 would be my main target for GBPAUD until the end of the month.

Daily: On daily time frame, after 4 weeks of consistently bearish , price found a support at 1.7100 and was pushed up slightly. This is just a retracement for a long-term bearish . I believe that price could retest the 1.7500 key level and then fall to 1.7000 by the end of January
Comment: 105PIPs archived. I closed the trade
Comment: 1.7500 was reached. Now I'll wait for reaction of the pair in this zone
Comment: A strong close above 1.7500 actually changed my bias on this pair. I think 1.8000 could be met soon next week

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