Here is another nice clean, simple set up on GBP/AUD today. As you can see GBP/AUD has been trending to the upside for some time now creating consistent LH and HH along with a trend line where the market has created a low and then a new high 3 times now recently, despite the fact that the UK is in full national lockdown. Typically this means a BEARISH GBP, HOWEVER due to the mass COVID-19 vaccination programme going ahead in the UK, the markets are taking this as a promising scenario therefore we see a bullish GBP.
I have also identified an area of resistance on the 4H timeframe that has been broken earlier today and tested as support @1.76400. From there the market created a new high @1.76930 and has rejected that level to come back down and test support again.
I would like the market to create a bullish candle after the rejection and for the market to stay above 1.76470 in order for me to place a buy.
Feel free to leave a like on this post if you agree with my idea and comment any ideas you may have below. Also feel free to follow my page to be notified when I post! Happy trading!
I have also identified an area of resistance on the 4H timeframe that has been broken earlier today and tested as support @1.76400. From there the market created a new high @1.76930 and has rejected that level to come back down and test support again.
I would like the market to create a bullish candle after the rejection and for the market to stay above 1.76470 in order for me to place a buy.
Feel free to leave a like on this post if you agree with my idea and comment any ideas you may have below. Also feel free to follow my page to be notified when I post! Happy trading!