Buy trade in Bearish longer term move for GBPAUD
I would really appreciate any comments or thoughts on this analysis, what are you missing here, if there is anything unclear. Your time is greatly appreciated! Thank you.
It appears that GBPAUD reacted on the Weekly S and triggered some buy orders sitting near by 2.02 levels. This was also a previous level of support from the start of this year. Generally I would favour a downside potential over upside.
At the moment price is hesitating at around midpoint of the downside channel. I see this to continue will bullish reaction from WS which is also 618 FB level. This is generally important zone for Bulls.
What would move GBP up? Is anyone buying GBP at the moment? According to the COT report net Shorts increased last week. Carney mentioned that he is not planing to raise rates any time soon. What would cause any bullishness of GBP? For me only net open interest change and short covering would be only reason why GBP would move up.
Number of AUD Shorts increased while number of longs diminished slighty. Investors are not buying but rather selling AUD.
Let's see who this pair will react over next couple of days. This might be a short buy trade from current levels.
It appears that GBPAUD reacted on the Weekly S and triggered some buy orders sitting near by 2.02 levels. This was also a previous level of support from the start of this year. Generally I would favour a downside potential over upside.
At the moment price is hesitating at around midpoint of the downside channel. I see this to continue will bullish reaction from WS which is also 618 FB level. This is generally important zone for Bulls.
What would move GBP up? Is anyone buying GBP at the moment? According to the COT report net Shorts increased last week. Carney mentioned that he is not planing to raise rates any time soon. What would cause any bullishness of GBP? For me only net open interest change and short covering would be only reason why GBP would move up.
Number of AUD Shorts increased while number of longs diminished slighty. Investors are not buying but rather selling AUD.
Let's see who this pair will react over next couple of days. This might be a short buy trade from current levels.