After being trapped for over a month between 1.8000 and 1.7750 is GBPAUD ready to drop to new lows?
Well last week we witnessed the pound in the spotlight with wage growth slowing, inflation missing expectations and retail sales surprisingly worse than expected.
The week prior to that we had sudden resignations from David Davis and Boris Johnson, some high ...
I have been waiting for this opportunity since yesterday morning. A pullback to the 50% fib level was achieved along with a perfect shooting star and trend line rejection on the 2hr. I will be taking this down to retest structure at 1.78500 support area with a nice R:R
as you can see this idea is pretty simple. I'm looking at this pattern because its completion point comes right around a very important level of structure (in this case resistance) and it will give me a nice RR opportunity.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
Cross closed the bullish channel, has also reached a price close to an important resistance, looking at the cci14 we find a divergence and in any case the indicator gives us information of overbought. Now a short entry is desirable, first looking for a retracement up to 1,794 and then evaluating the start of a short trend or a new rebound upwards
Price is at weekly resistance, possibly forming a weekly doji means strong rejection.
4hr consolidation structure is broken and currently retesting.
I am in the sell from 7510.
Beware its a long term trade.
Short selling on previous resistance level and black dotted trendline, long term trend is to the downside displayed by the red trendline, for short term the stop loss is 1.7126 and take profit is 1.6202
GBPAUD I have increased the target for this pullback to accommodate the EURAUD which is about 100 pips short of its projected turning point, that kind of cross market analysis between correlated pairs helps with timing of entry points. The Red line is the 50% line for the move being corrected which can serve as some resistance. At the moment this trade looks ...
Expecting a small retracement on open before continuing onto the current downtrend.
Also mindful of a a gap on the market open, will dictate possible entry, but my bias for this pair is short, targeting support level 1.67000 in extension. First target 1.70812
Last weeks weekly candle showed that GBP/AUD finished the week higher then when it started but any encouragement that this gives to GBP/AUD BULLS is misplaced as the price hit 1.6722 earlier in the week and now stands 200 pips lower. Technically the picture is extremely BEARISH on all key time frames and its hard to see how the G/A rallies from these levels.
this morning we could have a chance to get involved in this trade. Now i'm going to explain you why:
first of all, the big yellow box represents a daily structure level, this level happens to line up pretty well with the 618 retracement of the bigger daily leg.
In this cases i seek for trading opportunities down on lower timeframes: on the hourly chart ...
When you son in together the WEEKLY / DAILY / 1HR you can achieve great risk reward trades such as this 1:5
confluences c legs on weekly , daily , 1hr , ma's , pivots on 1hr
weekly bearish engulfing , daily shooting star , 1hr reversal