FX:GBPAUD   British Pound / Australian Dollar
Price broke Monthly support, tested weekly level and rejected it. Following month we saw the price rally back up and close above Monthly but in-between EMA. Wick rejection formed on EMA. This month we are trading below the monthly level.

Three inside down formation formed last weeks close, which closed below downwards facing EMA. This week we have retested the Monthly level and wicked the EMA, showing more resistance at this level.

LL has been formed followed by a LH which was taken out by a bearish engulfing and closing below monthly level. We then have retested the monthly, yesterday price closed above monthly with a big wick. Today we seem to have traded back below the monthly level and are forming a 3 pin formation. EMA could cross downwards with todays close.

Preferred Fib zone has been hit, and EMA crossed back to the downside.

This trade was based of this time frame. On my entry, price closed below EMA, followed by a wick rejection.
Trade closed: target reached

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.