Always got to be wary going LONG on the GBP in the current economic climate but from a technical standpoint GBP/AUD looks a reasonable LONG trade from these levels now supported by 2 key trend lines.
The channel shown that GBPAUD has been trading in for the last 2 weeks has finally been breached and price could now be supported by the top the channel and the...
The blue line on this GBPAUD chart at 1.8050 marks the edge of the abyss. This area has been tested 3 times previously this June but is a historical area of support and resistance. Where we go from here the markets will decide but a break south could see a large move down for GBPAUD with little support below for the next 500 pips. There's little joy for GBP BULLS...
We have seen a nice downtrend and this pair went down to major level. I'm expecting a double bottom followed by a bullish engulfing candle to go long. Please note, this is a temporary long position as I do not see GBP gaining much strengh in coming week.
I have placed the buy order accrodingly along with the sl and tp. This trade will be invalid should it not...
GBPAUD has resisted the BULLS since the 8th May and there has been no new low since that date. It appears the BEARS may be giving up so I'm in LONG with a STOP under the lows at 1.8923. Target is unclear but 1.9200 should be the first port of call.
GA LONG - this is a long term prediction. A big trade which you should only use a small slot size for and sit in this for at least 6 months maybe longer, look for rejection of the ascending trend line plus fib levels.
1200 PIP GAIN 6/1 RR
quick day trade, im already in this trade from market opening but if it does come back to the zone of interest, then look for rejection around the purple box region to take a short, down the the support zone given.
200 PIP GAIN 9/1 RR
My BIAS for GBP/AUD in the upcoming week will be a BUY.
My reasons behind this are that we had
1.A previous ascending channel which has been broken and rested with a strong Bullish Engulfing Candle following the retest.
2.We are currently travelling above a recent Supply Zone and also a strong daily resistance which we've also seen act as support at 1.81300.