Dec 29, 2014 4:08 PM

GBPAUD ( H4 ) Potential retracement. Short

FX:GBPAUD240

British Pound/Australian DollarFXCM

Description

⋅ Dec 29, 2014 4:08 PM

GBPAUD ( H4 ) Potential retracement.

Descending Triangle.
23/1 Double Top.
AB=CD formation.

Comments

justatrader

⋅ Dec 30, 2014 10:42 AM

I wouldn't trade this pair if given a choice. Weekly shows an inside bar and current week closing lower (but still 3 days to go, anything can happen). Unless this week closes lower bearish only then would it confirm a decline. Comparing to other AUD crosses, EURAUD triggered a nice confirmed bearish signal since the past 2 weeks closing with a bearish DCC pattern and pushing lower. Given the both, i'd put my money on EURAUD short rather than GBPAUD (besides the former gives better +ve swaps on shorts).

UtterOnce

⋅ Dec 29, 2014 11:53 PM

im think more bulls to be honest,

jangseohee

⋅ Dec 29, 2014 11:15 PM

maybe more upside until the horizontal resistance?

Mocean

⋅ Dec 30, 2014 3:21 AM

I'm hoping you're both right :)

tradingview.com/v/JOsG96Oi/

jangseohee

⋅ Dec 30, 2014 5:20 AM

i can only be right if the small green accelerated channel is right
i will be wrong if the red downtrend channel is right

tradingview.com/v/p49wGcUE/