Market has formed a double bottom. once price drops to test the neckline of the double bottom then and we see a shift from a bearish market to a bullish then a buy can be entered.
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simple and easy here is strong resistance in ((AUDGBP))that seems broken but its fake breakout and this trend is yet downtrend
((Traders comment below and let me know your thinking about this trade or share your ideas below ))
The AUD basket has completed a nice pullback to the existing trendline off of the March and October swing lows on the Daily chart. The Aussie Dollar also bounced here at the 50 day SMA. There's a little bit of room to the previous high, and I expect the next area of resistance to be in the 0.8 area. Looking at this chart, I will be looking for a long opportunity...
am assuming that price is about to take shape of a zig-zag as wave B having assumptions that the short term trend of this price looks to be down.
And now I am expecting an advance to the upside with some restrictions that price is not allowed to break.
This time I turned GBPAUD upside down (flipped) and saw that a long opportunity could come up in 2 weeks.
If this view works, then wait until August and harvest about 8400 P.
Only Break & Close above 0.5780 would destroy this setup.
Pair AUDGBP - I keep my graph simple and easy to read.
4Hr chart tells us alot about whats happening. It looks as thou prices is consolidating in the area which the line is drawn. Triangle formation looking to unfold.
Will wait for breakout before placing any trades as yet.