Potential head and shoulders pattern formation Good luck traders. Trade with wisdom.
I believe price is attempting a lower high to stay in line with the current daily downtrend. A pinbar has formed at the top of the most recent pullback, leading me to believe a downside push could be in the wings. Price has also created an ascending wedge that would need to broken to further confirm a downside push.
We see a nice retracement to 78.6% fib level. nice continuation to downside
GBPAUD is approaching a strong support of a weekly ascending channel. I'm excpecting the price to reach 1.98000 our key level. let's see how it will play out.
GBPAUD arrives at strong support zone ; nice entry for long position and possible swing to the upside
I'm looking at this pair for a potential buy. Price is currently at the 61.8 fib level on the daily. If it respects this level and I see a trend line break, I will be looking for buys on the correction.
Price coming up to a weekly level. Rising wedge along with 4hr RSI bearish divergence could signal a reversal. Entry zone between 1.941-1.947 with targets at 1.915 and 1.896
Short position already set with a head & shoulder pattern but the Aussie too is weak to even consider going hard on this.
GBPAUD BREAK AND RETEST WITH BEARISH HAMMER CONFIRMATION IN CONFLUNCE WITH THE 200 EMA CROSSOVER WE ARE SELLING
A very nice swing long opportunity. Entry is now.
From my last post on this pair, we did see that push to the downside based on a couple of economic factors. First the speculation of the RBA cutting rates did not occur like I suspected. Instead the rates were held in at 1.50%. Keep in mind we know the RBA will cut rates and now we might see that come in as early as next month as they have now stated 3 rate cuts...
I have here a simple setup using the RSI. If you take a look at the ascending trendline then you'll see that it broke below it and is going for a retest. This does not mean that it's going to be in a downtrend but it will be a small short down to the necklines.