Just sharing a position I have just taken on GBPAUD long.
Price has broken out of the descending triangle and has managed to hold momentum outside of this pattern. It has had a lot of volume behind it so there WILL be a retracement in price - Not to worry though.
GBP is strong across a lot of currencies, and AUD weaker across the pairs I follow. Also there is no...
As we can see from the chart, the price is touching for the 5th time the above trendline of this downtrend channel. Let's see if the downtrend will be respected once again or not. Euro has appreaciated a lot over the last 3-4 months, might be the right moment for a natural pullback.
Always keep in mind it is a game of probabilities.
During the London session this morning we are seeing consistent strength in the Swiss Frank with all pairs increasing in value. Meanwhile the opposite is true for the Japanese Yen - all pairs are down making the Yen weak.
The result of strong vs weak is a trend. Our pick today is the CHF/JPY pair for a long position.