GBPAUD Long: Breakout to New Monthly Pivot

FX:GBPAUD   British Pound / Australian Dollar
GBPAUD             has broken a bearish trendline and could possibly reach its new monthly pivot for February, 2016. This is a simple mean reversion trade based on structural S/R and a trendline breakout. Support may be found at the 200SMA and 200EMA lines in addition to S/R from structural lows. The short-term bullish trendline may also add support should price reach those levels. Entry is placed at the retest of the bearish trendline with SL below structural lows and target at the new monthly pivot .
Trade active
Comment: +105 Pips: SL Moved to below wave 2 of triangle breakout impulse
Trade closed: target reached: Closed for a win before the news - original pivot target reached soon after for +140 pips
it needs to crack 2.025 for further action towards 2.03 and 2.035.. below 2.025 it will remain in consolidation..
+1 Reply
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