As we can all see, price is currently on a very clear bullish trend. Due to it's constant bullish momentum price has created a trend line which has been hit and rejected three times in these past couple of days. Currently, price is respecting the trend line once again while also creating a very clear morning star (bullish signal) which is one out of the three confirmations that we need before entering a trade. Moreover now that we are trading in the 1h chart we need to look at the 15m MA (moving average) crossover which in this case it is 1 pip away from happening. In conclusion, all these signals 1. rejection of the trend line, 2. creation of the morning star and 3. the 15m MA crossover give us very strong probabilities for a move to the upside with our target for this trade being the 1.80000 resistance 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!