Mikoxl.
Short

Putting all my previous trades in perspective.

FX:GBPAUD   British Pound/Australian Dollar
142 3 3
Will there be a "bigger correction"?

Well, what do i (want to) see?
On the monthly chart I see a hanging man forming at the upperband of the longterm channel. I Also see an RSI divergence and I see that the price is moving away from the upper bollingerband.

The potential cypher on the 4H chart is an excellent shorting opportunity, although you may have to use wider stops. I would say above the 1.9900.. But the reward can be huge! On the daily/4H chart you can see that price wants to differentiate from the nominal rate. Could this be the final attempt of the bulls to break the 1.9900? One last hit of the upper bollingerband triggering shorting orders? Who knows..
Based on recent price action and RBA actions, the GBPAUD could be in for a bigger correction. I think the bullish 3 drive pattern was a test, a check if the market could go higher. The market is technically ready to go long. However, it is not ready yet (loss in momentum, doubt, RSI divergence). Because of the last two decisions of the RBA (a rate hike and a unchanged rate), the pair is now retreating and pulling back in the hope to regain its strength to continu the longer term uptrend. I think it is just a matter of weeks before we can see a significat push higher.
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It all depends on June of 2016??
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Lol i meant June 2015
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