GBPAUD is currently in an interesting position after support has held at the lower section of a long term bullish channel (4 years). Fresh bullish volume can be seen increasing on the Daily and 4HR, coupled with the Daily MacD in the heavily oversold region. Additionally, The Daily ADX has began to pinch after separation apparent. In regards to a price action perspective, there has been a number of candlestick closes above the 4HR 50EMA , while price has also completed its 5th Elliot Wave on the Daily; suggesting we may be due to see an ABC correction.
Fundamentally, there is no high impacting economic releases for the GBP or AUD for the rest of the week, other than UK Manufacturing Production for April scheduled for release at 07:00 GMT+1 Friday. However, the US FOMC decision on Wednesday may cause capital flows to or from these two currency pairs, depending on what is said and if interest rates are maintained at 0.25% or not.
Fundamentally, there is no high impacting economic releases for the GBP or AUD for the rest of the week, other than UK Manufacturing Production for April scheduled for release at 07:00 GMT+1 Friday. However, the US FOMC decision on Wednesday may cause capital flows to or from these two currency pairs, depending on what is said and if interest rates are maintained at 0.25% or not.
Trade closed: stop reached:
priced reached exactly our stop loss before pushing the upside - potential stop hunting