Rejection of Daily Trendline at 61.8% fibonacci retracement level (golden pocket)
Key Psycghological Level of 1.000 liquidity zone.
4hr fakeout, candle closed within the daily trendline, hourly pinbar to suggest further downside.
Entry on pullback to 38.2% fibonacci retracement level.
USD high impact news, either wait out stops to break even to minimise risk.
Potential shorting trade opportunity- I believe the price isn't fully ready to drop yet, the support will push the price higher to retest the resisting trend-line, where we can expect a sharp drop to the downside with big pip potential.
GBPAUD has began to form an inverse head and shoulders pattern. The price has rejected several times from the lower support levels, however it has also rejected from the top area. Therefore, this trade should be taken only if the hourly candle closes bullish above the green area. Quite a short stop-loss with a large potential upside.
On the 4H chart, Gold has been moving in a descending triangle. Previously, the price rejected from the lower levels of support around the trend-line and began moving back upwards towards the top trend-line. Once there, price bounced back downwards quite powerfully; however, the price came back up for a retest and was once again rejected. This allows for a trade...
On the hourly chart, the price has down-trended strongly from 1.31744 in a descending triangle, yet rejected from 1.29673 where there is clear support as highlighted. The price then shot back upwards and closed outside of the negatively correlated trend line, forming a right angled-triangle, indicating a strong upward movement.