OANDA:GBPAUD   British Pound / Australian Dollar
Morning Star formed at the weekly 1.82500 resistance level . Followed by a further bearish momentum to break 1.77500 and now we have broken 1.7500 support. EMA are lagging on this time frame.

Weekly lower low has been taken out and a new lower low have been established. EMA are pointing downwards. Last weeks close below 1.7500 proves we could be heading down to 1.72500.

A shooting star has been formed 2 days ago which has formed the lower high of this trend, this also touched a key fib level for me, while rejecting the downwards facing EMA’s. A daily close below 1.7500 could prove further movement to the next major support level .

Price swings up to preferred key fib level, before turning around and bullish momentum taken price below 1.7500. Followed by a crossover of the EMA . Target is set to 1.72500.
Trade closed: stop reached: Stop Loss hit.


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