Very simply strategy, the chart speaks for itself.
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Looking from the daily perspective, I can see GA continuing bullish and possibly retracing into the 61.8 zone. The daily candle currently shows a strong bull momentum so will see clearly by tomorrow if the bullish has continued or GA may swing to the downside again. Checked the perspective on the flip chart and could see strong patterns that GBPAUD will be on the...
as you can see gbpaud is currently in an uptrend
however i expect price to break the current uptrend then retest the trendline which will create a head and shoulder formation which is a reversal pattern.
if this happens, i then expect price to fall to the next support area which also is the 0.618 fib region.
My previous analysis on this pair was for a short trade. Unfortunately I missed the trade, however was pleased to see my analysis was correct.
I still see further downside potential on GA. I am now hoping for a pullback to the trendline which lines up with the resistance area and in the 50MA region.
If we get this, I am looking for a longer term trade.
id like to see price retest the Weekly uptrend around 1.95. if respected with bullish rejection, followed by engulfing candle, i expect this pair to continue to the upside to create a higher high.
100D EMA asking as support on weekly trend line too
if pair breaks trend line, retests and rejects - Trade invalid.