Looking at GbpAud, we could be having a potential buy setup forming. Starting off on the daily timeframe, price has been establishing consistent bullish market structure for quite some time now.
If we analyze recent price action, we've had a nice bearish pullback back to this 'pivot point' of interest, which includes a Daily Significant Level and a Non-Horizontal Support Level. Scoping down to the H4 charts, we could see that price is providing us with some bullish rejection for the time being.
Although we could start to notice a morning star pattern (bullish candlestick pattern) on the daily timeframe, I'd like to play it safe and wait to see how this daily candle closes before placing buys on anything. If price could keep pushing away from this level by providing buyer strength, I'll look to place some buys in the near future. For now, just waiting to see how it plays out.
If we analyze recent price action, we've had a nice bearish pullback back to this 'pivot point' of interest, which includes a Daily Significant Level and a Non-Horizontal Support Level. Scoping down to the H4 charts, we could see that price is providing us with some bullish rejection for the time being.
Although we could start to notice a morning star pattern (bullish candlestick pattern) on the daily timeframe, I'd like to play it safe and wait to see how this daily candle closes before placing buys on anything. If price could keep pushing away from this level by providing buyer strength, I'll look to place some buys in the near future. For now, just waiting to see how it plays out.
