Prices are holding below a key resistance zone on the monthly time frame with further downside seen. On the H1 time frame, prices broke its ascending support line and a pullback to test the resistance zone at 1.88800, in line with the 78.6% Fibonacci extension and 50% Fibonacci retracement presents an opportunity to sell to the support target at 1.8700 which lines...
Hello traders!
GBPAUD formed a lower low and then made a retracement to the marked resistance area forming a H&S pattern. Price had a clean rejection to the downside. We are currently waiting for a break and retest of minor support area before continuing to the downside.
H1 time frame.
Structure: Bullish structure is broken, price breaks Key level 1.88400.
Waiting for the price to return to the 1.88800 - 1.89000 zone, sell setups may appear.
Profit target is 1.85400 zone.
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Wish you all have a good trading day!
Since the double bottom and 1.74 low marked in January, GbpAud has had an impressive rally with the pair gaining around 1700 pips.
Now the pair is trading in resistance and a drop from here is possible.
1.85 could offer support and be bears target with the price closing above 1.9 negating this scenario
The continuation of bearish pressures appears to be emphasized at the AU$1.89150/1.89550 area. Since late August 2021, it can be observed that price continue to reject this area as buyers find it difficult to push prices further. Following a continued rejection of AU$1.8950 which also makes a confluence at exactly 61.8% retracement of prior bearish momentum and...
A good level to watch out for a sell in GBPAUD. The previous bearish wave has been retraced almost 61.8%, a good rejection at that level and possible divergence on H1 should present us with a sell opportunity down to the channel support.
Hi Guys
In this chart we are in pullback trend to the buy zone area then the downward trend is continuing
Dont forget put stop loss then Tp and watch
the trend is changed and we are only the short position we take position according to the trend
We should check the news and fundamental for continuing the downward trend
we will update it next week
guys please...
