As usual I keep it simple. I have a few confluences happening at this point and I believe Pound will take a a dive a bit. But especially this pair because it has a 3rd touch and on my custom Fib zones it has reached a crucial zone. It might have also completed the 5th wave?
Watch it carefully and collect some pips!
ANALYSIS ON GBPAUD
Welcome to my analysis
Interesting Point of interest In the GBPAUD pair.
- Price about to test the 1.90000/1.91000 zone.
- Watch Top for sell.
- MACD showing bearish divergence
Expecting long term Move Down. Watch Top for SELL.
Setup: I can see a 5th wave on the correction structure. If this is true, then a bearish impulse is coming soon.
Price @ 5th Wave
Of course we need an entry confirmation to enter the market.
Sell Limit@ 1.8700,
SL @ 1.88810 (110 pips),
TP 1 @ 1.8400 (300 pips)
TP @ 1.7500 (1150 pips)
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero lines.
The oscillator Force Index is above the zero lines.
If the level of resistance is broken, you should follow the recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.8970
• Take Profit Level: 1.9170 (200 pips)
Here are the key factors to keep in mind today for British Pound trades:
UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for September is predicted at 26.5K and the Claimant Count Rate is predicted at 3.3%. Forex traders can compare this to the UK Jobless Claims Change for August which was reported at 28.2K and to the Claimant Count...
GBP/AUD is currently at the top of a bullish channel and it appears that it's time to short (at least in the short-term) or at the very least it's time to exit longs and wait for re-entry.
Check out my other GBP posts that should be up within the next few minutes. They are showing the same thing!
COLOR KEY (which time frame each markup is based on):
I'm looking at a potential M patterns forming on the following week due that its retesting a WEEKLY resistance, it could also be a FLAG pattern forming I will confirm my entries with the right reversal and all candle patterns. ( Feel free to leave a comment )
GBPAUD bounced off 1.80982 where it could potentially rise further to 1.82266.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Tendency: Temporary Uptrend ( Bullish )
Observation: i. Price breaks resistance @ 1.82000 with a potential of going up to complete a Rising wedge pattern on the weekly chart (see link below for reference purpose).
ii. Waiting for BUY signal...
Pattern: Rising Wedge
Observation: Price is presently experiencing a correction move from the bearish impulse that happened between Aug 2015 and Oct 2016 which might peak at 1.90000/1.91500 zone -
a zone that coincides with the up trend line (indicated...