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TradingShot
Nov 12, 2022 7:49 AM

GBPAUD Sell opportunity below this levelΒ 

BRITISH POUND / AUSTRALIAN DOLLARICE

Description

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The GBPAUD pair has been trading within a long-term Channel Down pattern since the start of 2022 and most recently (October 17 and 28) it hit its top (Lower Highs trend-line). This has turned the short-term price action into a smaller Channel Down (red), which is loosely supported by the 1D MA200 (orange trend-line) and resembles the pattern of January 28 to February 23.

That eventually broke downwards aggressively to the bottom of the Channel Down (blue) once the Support from the previous Low broke. See how similar the 1D RSI sequences also are. The respective Support (1) on the current set-up is at 1.73500. A candle close below it, eyes Support (2) at 1.65000. As long as Support 1 is intact though, and more importantly the 1D MA50 (blue trend-line) holds, another bounce to the top of the long-term Channel Down is possible.



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Comments
Iceman_22
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Great idea bro !
Solldy
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A good description of the analysis, but the chart itself isn't the most exact. I hope that next time the graph will be more concrete. Good luck in trading!)
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