akyong
Long

GBPAUD: Potential Trade of the Week

FX:GBPAUD   British Pound/Australian Dollar
We have many confluences happening around the 2.1000 - 2.0980 region.

1) 2.1000 even level
2) Gartley completion
3) Cypher completion
4) 1:1 harmonic move
5) Confluence of extensions
Trade active
Hello Akyong !

If I look at the Daily chart, it seems to be that the neck of a bearish H&S has broke yesterday.
In other words, it seems to me that this pair will nowbe going towards the 1.88 area !
What do you think?
Best,
Reply
akyong PRO Nicemate
I can't say for sure where will price head towards, so there might be a possibility that it will go towards the 1.88 area.

But if I look into the fundamental aspects of the two currencies, NZD is fundamentally bearish, and GBP is bearish in the short term. Having said that, actually this wouldn't be the best pair to trade at the moment haha. Unless we only take technical analysis alone.
Reply
Hahaha ! Yes, that needs to be taken in consideration !
+1 Reply
Thank you, Akyong !
Reply
akyong PRO Nicemate
The 'clearest' pairs to trade for now are EURUSD, USDCHF, and USDJPY haha. Clear divergence in the monetary policies.
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