A breakout is Possible in GBP AUD - Trade Setup
Hi Traders,
This pair is in a downtrend as per higher timeframes. We have good resistance zone between 1.84114 - 1.81264 (Blue Area). When we analyse the daily chart, price gave fake breakout of the 50SMA and it has again retested the 50SMA on friday after finding support at the trendline.The 15min Chart shows that after finding support at the trendline price has failed to form new highs which is a sign of exhaustion. We can enter a short position after a trendline breakout in 15 min and hold the position till the hourly chart tests the 50SMA. While holding the position 1.80000 is a psychological level to watch.
For queries pls comment below.....
Happy Trading.....
This pair is in a downtrend as per higher timeframes. We have good resistance zone between 1.84114 - 1.81264 (Blue Area). When we analyse the daily chart, price gave fake breakout of the 50SMA and it has again retested the 50SMA on friday after finding support at the trendline.The 15min Chart shows that after finding support at the trendline price has failed to form new highs which is a sign of exhaustion. We can enter a short position after a trendline breakout in 15 min and hold the position till the hourly chart tests the 50SMA. While holding the position 1.80000 is a psychological level to watch.
For queries pls comment below.....
Happy Trading.....