As we can all see since the very start of February, the market has been consolidating between the 1.80000 (resistance) and the 1.78000 (support) price range. Half way into the month (18/2/21) price rejected the 1.80000 resistance area and started gaining some bearish momentum. Due to this momentum the market has formed a very clear bearish trend line creating LHs and LLs. Currently, price has already rejected this trend line leaving behind some long wicks and is also testing the 1.78000 support area. We also have the 30m MA crossover that we always use as an indicator in order the get in our trades earlier and safer in order maximise our profits. All these signals that the market has provided, give us better probabilities for a move to the downside with our target for this trade being the 1.75425 weekly support area.
This was my analysis on GBP/AUD and I hope you like it, see you on the next one!
This was my analysis on GBP/AUD and I hope you like it, see you on the next one!