Urbandj

Key Resistance Level Broken on 240min

Long
FX:GBPAUD   British Pound / Australian Dollar
0
After seeing a BACA (Break Above Close Above) 1.94437 and above the highs of the first attempt I now believe this will act as a support level for further upside movement.

A bearish gartley pattern would be completed at 1.95808 however this is not one that I would aggressively enter due to the size of the stop loss for myself, however if this meets your rules then you may decide otherwise. There seems to be some minor structure at 1.96003 which I will be paying attention to for a possible alternate entry into the bearish gartley however I would be more inclined to look for targets at the major structure 1.94437 instead of a 0.382 target. At that level a Stop and Reverse could be possible for a continuation to the upside.

However, IF 1.94437 does not hold then this would change. For me its a case of wait and see :)

Good luck in the markets!
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