Respecting my parallel channel line exactly on the minor QP 1.9250 for the bear run.
Expecting for it to sell for three day’s and reach my major QP 1.9 for the retest. It did a a bullish momentum with high volume form the break it did
took one out at 80 pips, thinking it would drop faster. im floating in and out of breakeven. might be forced to leave trades open over weekend. risk for gbp pairs because they gap so much during close. need to gap down for my sells tho
GBP/AUD pair is likely to surge up on a larger time scale, however; we see a chance that a short-term move down might be in the books. As this is counter-trend (plus short term), we use tighter stop than usual.
Entry: 1.916
Stop: 1.922
Target: 1.906
Have a nice week! Follow for more!
GBP/AUD Short Daily in ob levels cci and rsi in my os/ob setup
GBP will be bear at interest rate economic calendar release
AUD release will be bullish CPI QoQ and MoM
The Price is at the most important respected trendline, we expect the price to drop down with a possibility of breaking 1.78820 to further down. to the major support level 1.61765.
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Initiate Short.
Entry - 1.90964
TP - 1.88973
SL - 1.91562
Reason: The price must satisfy three our conditions before position initiated.
Being Rejected by Ascending channel's resistance or R3.
Lose R2 or horizontal support level.
RSI should be overbought (to confirm)
Thank you for reading this idea!...
Monthly: Bullish direction, channel present.
Weekly: Price respecting trend line, currently over a strong level
Daily: 1 - The price can close over the trendline for the weekend (Entry 1) and next week aim to touch level 1,95500.
2- If break of trend (very unlikely due to recent GBP strength), to test daily level, retest trend line and aim weekly support...
gbpaud rejected by 61.8% fibo
rebounded from resistance 1.92000
ELLIOTWAVES formed truncated wave 5
indicates bullish weakness and coming bearish correction wave
finshed last bullish wave c
MACD shows negative divergence
RSI also shows negative divergence
so its expect bearish wave to demand area around 1.88300
The British Pound vs. the Australian Dollar. Due to its relatively higher interest rates and its correlation to global equity markets, the Australian Dollar is often referred to as a risk currency. Mining, which is Australia’s largest economy sector, has been negatively affected by a slowdown in the global commodity super cycle and a decline in China’s growth.
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