British Pound/Australian Dollar
The British Pound/US Dollar is the currency pair I track & trade. However, due to this weirdo year and the craziness of the US Dollar I felt the need to add a non US Dollar currency pair to my watchlist which came down to the Euro/British Pound Vs. British Pound/Australian Dollar.. it doesn't take rocket scientist to know who won that bout. Let's go!
Even though GBP/AUD been ranging since June, I am leaning more in the bull's favor, but it's important to not be very rigid on your own biases so I'll give two scenarios on what I would look for with this pair.
Confluence (3 or more):
1. P.A. is working off of HTF diagonal support (outer) dating back to 2013.
2. P.A. pushed off of HTF diagonal support (inner) dating back to September 2020.
3. P.A. respected HTF liquidity zone, bull's favor.
Due to the ranging I would only look from zone to zone in order to play it safe. I would look to short if there's a B.A.R. of the $1.7958-$1.8055 levels, and look to $1.7700 as a take profit. THIS IS NOT TRADING ADVICE!
Also, if my analysis help YOU in any way, shape or form then please consider donating to the cause. It's appreciated.
Even though GBP/AUD been ranging since June, I am leaning more in the bull's favor, but it's important to not be very rigid on your own biases so I'll give two scenarios on what I would look for with this pair.
Confluence (3 or more):
1. P.A. is working off of HTF diagonal support (outer) dating back to 2013.
2. P.A. pushed off of HTF diagonal support (inner) dating back to September 2020.
3. P.A. respected HTF liquidity zone, bull's favor.
Due to the ranging I would only look from zone to zone in order to play it safe. I would look to short if there's a B.A.R. of the $1.7958-$1.8055 levels, and look to $1.7700 as a take profit. THIS IS NOT TRADING ADVICE!
Also, if my analysis help YOU in any way, shape or form then please consider donating to the cause. It's appreciated.
Comment:
A previous breach of the $1.7958 level just may have cleared the way for P.A. to breakthrough to head further down. We shall see..