Price has broken my long term resistance trendline. So, it should turn it to a support to buy. However, i'd love to see price break down back inside my trendline to short down. Probabilities. lets see
GBPAUD is trading at a very crucial support zone. We might see some bounce back from the current level because of the price level at very near to the support zone level. One can initiate the trade at this price level for short term on long side with a stop loss just below the support zone. But once the support zone 1 breaks, we might see further downside towards...
GBPAUD is trading in a falling wedge pattern, it is now trading in a very narrow price range, so we might see a breakout on either side soon in GBPAUD pair. One can wait till breakout to take trade-in GBPAUD pair.
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GBPAUD is trading just above the support level. At a point, a trendline, support and resistance of the channel pattern are crossing each other which will act as strong support for the GBPAUD. We might see some bounce back from point a of GBPAUD towards the resistance line so one can initiate a long position at point A for upside.
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