]GBPAUD - Eyeing the next Low!
GBPAUD has seen a decent recovery for the past week. No current updates on Brexit bringing optimism to the £, whilst AUD has hit new lows given the current interest rate cuts. But still weight hangs on both the pairs.
We spiked through 1.82000 creating a massive shooting star but still the pattern of lower highs and lower lows is still intact.
We are trading between the zones of 1.80000 and 1.78900. I want to see a break and retest of the 1.78900 zone which is our liquidity spot to take further shorts down to 1.74000, creating our Lower low on the Daily timeframe.
This is a swing trade idea that i see the potential of around 500+pips to be made in full over the next few weeks. Many opportunities in the ride down.
Ill be updating on the lower time frames to give insight into how i trade based upon break and retests of major key levels in the market, whilst spotting the relevant patterns that the market abides by on a continuous basis.
Happy Trading!!!
GBPAUD
GBPAUD has seen a decent recovery for the past week. No current updates on Brexit bringing optimism to the £, whilst AUD has hit new lows given the current interest rate cuts. But still weight hangs on both the pairs.
We spiked through 1.82000 creating a massive shooting star but still the pattern of lower highs and lower lows is still intact.
We are trading between the zones of 1.80000 and 1.78900. I want to see a break and retest of the 1.78900 zone which is our liquidity spot to take further shorts down to 1.74000, creating our Lower low on the Daily timeframe.
This is a swing trade idea that i see the potential of around 500+pips to be made in full over the next few weeks. Many opportunities in the ride down.
Ill be updating on the lower time frames to give insight into how i trade based upon break and retests of major key levels in the market, whilst spotting the relevant patterns that the market abides by on a continuous basis.
Happy Trading!!!
GBPAUD
Comment:
As stated in the above analysis i was waiting for a break and retest of the 1.78900 level which we received in the early hours of last night, currently 90+ pips into profit. As of now i am waiting for a break of the next level of support which is 1.77900 to potentially add to my short positions. Will keep the pair updated throughout the day if a opportunity arises. Happy Trading!!