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SamKent
Nov 10, 2014 10:06 AM

GBP/AUD Long Term Long Long

British Pound/Australian DollarFXCM

Description

The GBP/AUD looks to be in a possible sequence for a big bull move. The pair has broken above the kumo and has since retested its upper level and found it supportive. It has also found the 38.2% fib retrace as support, and is now looking at a possible tenkan-kijun bullish crossover above the kumo. We're looking at RSI above 50, at a thick kumo future and 50 SMA sitting at the top of the cloud. We're looking to go long on the bullish crossover, aiming initially towards the 1.900 highs, and ultimately towards 1.94500 which will complete a picture perfect ABCD pattern.
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