(VIDEO LINK: www.youtube.com )GBPAUD has been a pair that I’ve swung and missed at all week with 2 losing trades & a trade that came half way to targets before getting stopped out for breakeven. The majority of the week has been focused around this same structure level & now that price action is trading below it, I may have my chance at a short opportunity. As...
Price is inside the decision zone , i think may be it will reverse due to the following reasons:- 1- Double bottom in lower time frame. 2- Valid structure level. 3- RSI oversold. 4- 1.618 Fib extension for AD Leg. 5- 0.764 Fib level for BA Leg. 6- 0.618 Fib level for CA Leg. 7- 0.500 Fib level for EA Leg.
I draw my own S/R to show where price is respecting levels, You will find Fib retraces often line up pretty well with these lines :) Draw your S/R first then add fibs, you'll see. CCI peaked and is now heading south. Current 50% Fib reversal, Hopefully we are all down from here! Good Luck Trading!
This chart is based on previous weekly one for clearing up some resistance levels