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Short

Big GBPAUD Short Setting Up (800pip potential)

FX:GBPAUD   British Pound / Australian Dollar
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GBPAUD             is nearing the 200EMA on the daily chart . It coincides with a number of other key technical indicators:
- Previous Support
- Trendline/Channel Resistance
- RSI been in a heaving overbought region for a long time
- 32,8 Fib Retracement from 24 Aug '15 high

With this setup we still need to exercise patience to wait for a confirmed sell signal. I'd prefer waiting for price to hit the 200EMA and test the 1,9875 - 1,9900 region, and then form bearish price action.

If things fall into place we could be positioned for a strong downward move of 800 pips back down to the 800 EMA at 1,9000.

Will keep the updates coming.

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We need to wait touch 1.9900 at least. and to short
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