You could argue that GBPAUD has already shed enough value, but there's another leg lower on the 4hr timeframe.
Fundamentally the Pound remains in a horrible place Trading wise and to see so many long net positions by retail traders only makes me think we're going LOWER.
The 4hour chart shows a clear support zone that price has been respecting, however it also makes part of a head and shoulders pattern and a break below, followed by a re-test opens up a huge range below.
This and Gold are my two priority watch-list trades so far.
Waiting for price to pull back into it's most recent demand zone at 1411 before we enter our buy order.
A break of 1417 will signal another buy order and will look to layer them in, with targets at triple top 1437
Price has been grinding against a bullish trendline but finds itself part of a higher timeframe bearish run.
Price has now broken to the downside and we can expect another leg lower to find support at the 1.1030 level
Pull back in USDCHF presents a good buy opportunity.
Fundamentals on both the Dollar and the Swissy remain very interesting. It's a busy day for central bank minutes and commentary and presents a good opportunity for safe havens to get on the back foot.
Following the DB announcement of 18,000 job cuts, and the wider slowdown in Germany, stemming from Trade War squeezes on various industries, the ECBs money printing program is no longer driving the DAX higher.
Volume and price trending lower
Price is approaching relative support and there is an opportunity for the Dollar to run lower ahead / following the NFP result.
Fundamentally i remain net short on the Euro / Long Dax.
Price needs to build below 1.1250