The long position is taken – 4H -Daily timeframe I checked and last day candle barriers are HL and HH, in 4H also I see the start of a movement from a 4H demand zone, although price broke an ascending channel it was above a fat ascending komu. Also in lower timeframes, I see HL and HH. I enter the long position and the TP is last week High.
R/R = 1:1.1
I think GBPAUD is about to take off.
Price appear to have formed a bullish flag on the 4hour time frame, and made a break out.
This is looking like a swing trade. If you go take a look at the weekly chart, you will notice that price was in a retracement for the pass 2-3 weeks. Price found support and is now making a push to the upside.
Area of interest, price has tested the support trend line and rejected it on lower time frames. Price is at an area of confluence due to support and resistance trend lines and 200EMA indicating an area of value. Moreover, it is still bullish according to the 200EMA (Daily). However, fundamental analysis may indicate pound weakness due to Brexit negotiations...