The Dollar has appreciated as the FED have announced a rate hike as early as March is on the table. Commodity prices have struggled in this environment and hurt the Aussie dollar. I see this pair making a new low as more bears enter the market. This technical set see's a strong downtrend with a pullback failing to close over the 0.61% fib level and downward...
Here is a 2618 opportunity setup on GBPAUD. This is a countertrend trading opportunity.
The process I use to identify such an opportunity goes as follows:
1) Look for a clear double top or bottom, as marked with purple circles on chart
2) Wait for a CLOSE below the lowest/highest price point in between the first and second top/bottom
3) Draw with...