GBPAUD, 4hr tf, breakout of broadening wedge Short

British Pound/Australian DollarFXCM

Description

⋅ Jun 10, 2021 1:22 PM

Recently, price managed to break below the support of this ascending broadening wedge pattern.

Notice for price consolidate near the support before breaking below it. This consolidation looks like a bearish flag to me.

We could expect price to continue go down towards 1.8100 area. The target of this wedge is at 1.8092 but we will aim to take profit a little bit above the target.

Sell GBPAUD 1.8260
Stop loss 1.8320
Take profit 1.8110 (2.5R)

Use only 1-2% risk
Good luck

Comments

magix128

⋅ Jun 11, 2021 1:56 PM

any basis for the analysis besides the candle patterns ?

HayatoDragonFX

⋅ Jun 11, 2021 3:50 PM

@magix128, only pure technical analysis

magix128

⋅ Jun 11, 2021 3:54 PM

@HayatoDragonFX, now that it has moved up to 1.834 what do u think the next move ? I see from the price action it is moving up up

HayatoDragonFX

⋅ Jun 11, 2021 4:02 PM

@magix128, it is now reversing to the upside. Daily timeframe supporting further upside

magix128

⋅ Jun 11, 2021 4:09 PM

@HayatoDragonFX, RSI already heading to 70 in H1 timeframe. this pair moved from 1.78 to this level already overbought.

HayatoDragonFX

⋅ Jun 11, 2021 4:16 PM

@magix128, doesn't matter on h1. Focus on daily and you will get better direction.

MohdShazwan

⋅ Jun 10, 2021 4:13 PM

Followed! :D