Wait for a further pullback to short GBPAUD

Price Altitude: High
Daily Trend: Down
4H Trend: Range

Analysis: GBPAUD has weakened over the last week and bounced off a tested daily demand to rally (relief) into daily supply. Biased short.

Prediction: I will be looking for a further upside move into the distal end of the daily supply and looking for confirmation to short the pair @ 1.75695.

Price Points of Interest:
4h Supply @ 1.75695
4h Demand @ 1.73991
4h Demand @ 1.73319

This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.

Comment:

GBPAUD is retracing higher toward the 1.75700 level. I am not a fan of the stair-stepping approach as pockets of demand have been forming on the way up. I will look for removal of said demand zones on lower time frames to go short. If the 4h supply is removed, then 1.7650 could be a good area to short provided sellers show their intentions by removing any kind of demand.

No set and forget trades allowed.

Comment:

I was stopped outat 4h Supply @ 1.75695. The upper supply level mentioned in the previous update worked and now the pair is dropping. Did not take the upper level because the move happened while sleeping. Will be looking to join the shorts on any new supply zones created.