olly48

GBP/AUD Making Correction, Long Opportunity Coming

Long
FOREXCOM:GBPAUD   British Pound / Australian Dollar
This has been due a correction and it is now doing so. This brings the chance to look for a longing position. It is close to 0.382 Fibonacci, just below this could be a good time to buy as it aligns with structure. Need to watch the price action as it could fall to 0.5 Fib as well. Use MACD and EMA's to help judge when the mood is changing back to bullish .

Target is set at the previous high of 1.80159. This aligns with previous support so it is meeting resistance here.

SL is just below 0.5 Fib

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