darcsherry

GBPAUD | Perspective for the new week | Follow-up

Short
FX:GBPAUD   British Pound / Australian Dollar
Despite moving over 250pips in our direction since my last publication; the Bullish tendency projected never gained significant traction as the price finally broke down the Bullish Trendline which also coincides with my Key level @ AU$1.80000 during last week trading session (see link below for reference purposes). As my previous Bullish bias appears to slip away considering the recent breakdown of Key level and previous Bullish trendline, I shall be looking forward to Bearish tendencies this coming week(s) around and below my Key level @ AU$1.80000.

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand
Observation: i. It is fascinating how the Key level @ AU$1.80000 has served as a major determinant of the prevailing bias of price action in the last 36days.
ii. Demand zone which has held price "supported" in the last 14days appears to have handed the baton to the Bears as breakdown followed by rejection of this level points at a possible shift in perspective has happened.
iii. My Key level @ AU$1.80000 shall be my yardstick for Bearish expectations in the coming week as any spot below this level is good for me to open a position!
iv. This been said, I am advising that taking this trade requires utmost attention as the tendency of an uptrend can not be ignored considering the observations made in my last publication (see link below) and factors that might disrupt this setup giving way for an immediate rally continuation can happen anytime (hereby considering the Breakdown a false one!)... trade consciously :)!
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 12days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.