Looking for the pound to strengthen and then to short around 1.78 which will be a confluence of previous resistance and 200 moving average. It's also around the 38.2% retracement since the trend in May.
Hourly chart shows a bearish signal. Will continue to the 1.6410 area before continuing with uptrend. Waiting for the retracement into the .682, 1.6647 before going short. Stops just above visible resistance. Oversolf conditions which is why I have marked possible points for entry.
Price looks to have found strong support around the 1.60000 level. price has rallied to the upside breaking the trend line and showing a BRC of the trend line on 4hr time frame. price has now crossed above the 200ema witch is another bullish confluence. My other entry criteria has been triggered which has given me my entry for this trade. My stops are below the...
Carleton Capital are LONG this morning from 1.6022.
Our GBP algorithm has identified a possible LONG from support at 1.6007 and we have entered the market on confirmation of the signal.
STOP is 1.5995 for a 27 pip risk trade.
Initial target is 1.6100 (200sma on M1) and then we will evaluate the price action.
Initial Fib into .382, now with a much sharper rise, looking for a .618 retracement or a slight test of .618 as too much leg to drop below. Then a long continuation, looking to take profits near previous structure resistance.
Carleton Capital's algorithm is flagging 1.5842/44 as a potential LONG GBP/AUD.
This area is the spike down from the recent GBP flash crash and coincides with WS1 pivot and historical support.
A LONG trade from here with a STOP at 1.5816 should be well worth the 28 pip risk. Target is open.
GBPAUD - Drop to support zones and rebound
GBP is retreating badly against all pairs of forex because of Brexit, but all bad news will come to the end. and market often go against what people believe. so when fear rise, GBP could rebound suddenly and out of expectation. so watch out at those support zones below the price, anyone of them can be the turning...
As expected the RBA deciced to keep the OCR unchanged at 150bps. 30D Aussie bank bills implied only a 2% chance of a cut, down from the 10% we saw several weeks ago. There were few hints as to further policy, and it certainly feels as if the calls/ rhetoric for further cuts has been dampened in recent meetings following the august reduction. As well as in recent...
Buying Potential - You can see a consolation being formed which was around for about 3 days. If it breaks through it on the upside it could rally to around the resistance (Red colored)
If it breaks the support (Orange Colored) expect it to hit around the 1 month + old support (Blue Colored).