Can GBP/AUD break out of consolidation to validate shorts?
Hello Traders! I hope you are all well...
Here I have an opportunity for potential GA shorts to catch 28 pips.
Looking at the higher timeframes (Daily,4H) it is clear that GA has been moving strongly to the upside for a long time , however more recently the pair has been consolidating, making it a 50/50 chance which direction GA will move next.
Major support formed and identified on the 4H timeframe during the Asian / Pre - London session where price created a new weekly high @1.79170, shortly after the high was created GA corrected before moving into a consolidation phase as market volume started to die down.
A second strong area of support has been formed and identified on the 1H timeframe after the previous correction, to test the new high that was made @1.79170.
As of now GA is trading within a tight 20 pip consolidation zone with the new high @1.79170 acting as resistance, GA has a big potential to breakout of the consolidation zone to move at least 28 pips to the downside.
For me to be comfortable in executing a short position I would like to see a candle break out of the consolidation zone's minor support level @1.79050 and a bearish candle close below.
If you agree with my analysis feel free to leave a like on this post.❤
Be sure to follow me to receive notifications when I post my ideas!👍
Here I have an opportunity for potential GA shorts to catch 28 pips.
Looking at the higher timeframes (Daily,4H) it is clear that GA has been moving strongly to the upside for a long time , however more recently the pair has been consolidating, making it a 50/50 chance which direction GA will move next.
Major support formed and identified on the 4H timeframe during the Asian / Pre - London session where price created a new weekly high @1.79170, shortly after the high was created GA corrected before moving into a consolidation phase as market volume started to die down.
A second strong area of support has been formed and identified on the 1H timeframe after the previous correction, to test the new high that was made @1.79170.
As of now GA is trading within a tight 20 pip consolidation zone with the new high @1.79170 acting as resistance, GA has a big potential to breakout of the consolidation zone to move at least 28 pips to the downside.
For me to be comfortable in executing a short position I would like to see a candle break out of the consolidation zone's minor support level @1.79050 and a bearish candle close below.
If you agree with my analysis feel free to leave a like on this post.❤
Be sure to follow me to receive notifications when I post my ideas!👍
Trade closed: target reached