Welcome to our weekly market Breakdown ( GBPAUD )!
Bearish price action and pressure on friday.
Market at price consolidation and medium range of price index.
Decision area, we need more confirmations for a setup.
Prices done with all possible moves, we need new confirmations and area
fake outs. Expecting prices to form new...
GbpAud looks to bearish as far as the price continues to remain below 1.8300 mark minor bullish trend line broke and retested the 0.618 fib retracement and heading towards
1.79067 in the short term and below 1.786 in the long term.
GBPAUD - After a strong bullish movement over the months from 1.6000 ( MAR 19' ) settling in at 1.87200 (MAY 19')
GBPAUD finds itself in a distribution phase after this bullish trend to the upside of 1.87200.
The overall bullish momentum carries over to the Daily with an upside from...
GBP/AUD Long Idea (6/3/19) 1HR Chart
- Looking for price to come retest into the disturbance level, and then correct with the up coming fundamental news for AUD coming out
- 35 pip stop loss with a target of 1.8340 to the next weekly disturbance level.
Current weekly bar has a fake break out forming a clean long-term
double, then reverses and since it closed last week as a
blue bar, which is a down bar it's also a very strong reversal
candle off an important area of resistance, also working off of
the .618 which price hasn't been able to break in a long time.
So, just using 1% of of capital risk on a 2000 size...
The UK Parliament will decide whether the UK PM May's Brexit Plan is valid or not. GBPAUD expect going up with trade event. In the case the Parliament don't approve it, chances of a hard Brexit will increase exponentially.