GBPAUD has strong momentum to the upside with its final major resistance zone 50-100 pips above.
With 1:1 risk to reward ratio enter a buy and cover entry when 20 pips in profit, hold to see if it breaks this resistance, if not lock in profits and ride the wave back down...
Structural Breakout with the movement to the upside.
Price has broken through the downtrend and treated it as support, price seems to be lining up for entry point now and we will look to for it to reach for high highers from this point
Price has currently just broke our minor support level and we are expecting it to now treat it as support and begin a stronger fall to the downside. Below is a true support zone just above the 50% fib level, we could expect 100 plus pips from this which will require patience... or some heavy brexit
Our Sell Stop on USDCHF didn't activate... luckily.
On the bright side we now have an even better entry on the Daily/Weekly chart. Price is at the top of the major downtrend and in heavily overbought conditions, I would expect price to at least fall to our lower horizontal support zone.
GA is currently falling heavily but price has closed at the bottom of a previously established consolidation zone.
One to watch for if we see a bounce up to Higher Highs, or a continued drop which could start a new downtrend on the D chart...
Euro pairs seem to be trapped in similar triangle, I'm expecting USD to continue with strength through next week and in turn push down this pair.
Safest entry seems to be at the cross over to ride the shift down back down.