GBPAUD Long (Buy) Trade Idea Setup

GBPAUD was in a longterm downtrend and has now seen rejections to go lower on monthly timeframe. On the 4-hour, we have an opportunity to buy here and aim to the upside. The small red zone could be a spanner in the works to push prices lower but otherwise, I would be aiming for the upper red zone as extended targets, should price action permit.

Comment:

As anticipated, that small red zone had sells that are being filled. Should prices fall deep enough into the green buy zone and if price action permits, I will then look for long entries. For now, we wait patiently to see how price reacts.

Trade active:

Entered this position yesterday as price dipped below the orange line to touch the baseline of the demand zone and we're now in about ~50pips profit.

Trade closed: target reached