Gbpaud 4 hour chart - Bearish Exahaustion - Bullish Setup
GBPAUD is coming off monthly lows, due to Brexit fundamental weakness in the background.
Price bounced off monthly support level where buyer orders were activated indicating a demand zone.
One thing to note is price found support at 1.71455 resulting in possible bearish exhaustion indicating this was a demand zone. Macd cross and divergence lead the move up providing a nice move u.p
After a medium bullish trend creating price found resistance at the daily range located at its upper region where it began to consolidate at resistance 1.74448 which is also at 61.8 retracement of the leg of that move.
So it is recommended to check if this price finds bearish moemntum from there retraces back down to the 50 retracement where theres a high probabilty of buyers action.
We would be looking to enter if buyers engage at this action zone where we would be looking to ride it all the way up to the monthly resistance for 945 pips. This will take time. Weeks perhaps.
Just be careful with high impact news, don’t open a trade 1 hour before it or less.
According to sentiment analysis, 67% OF RETAIL TRADERS ARE NET-LONG the pound which means price may continue to decline, but Aussie dollar
weakness may provide a benefit for this particular pair to rise due to Aussie dollar weakness.
Price bounced off monthly support level where buyer orders were activated indicating a demand zone.
One thing to note is price found support at 1.71455 resulting in possible bearish exhaustion indicating this was a demand zone. Macd cross and divergence lead the move up providing a nice move u.p
After a medium bullish trend creating price found resistance at the daily range located at its upper region where it began to consolidate at resistance 1.74448 which is also at 61.8 retracement of the leg of that move.
So it is recommended to check if this price finds bearish moemntum from there retraces back down to the 50 retracement where theres a high probabilty of buyers action.
We would be looking to enter if buyers engage at this action zone where we would be looking to ride it all the way up to the monthly resistance for 945 pips. This will take time. Weeks perhaps.
Just be careful with high impact news, don’t open a trade 1 hour before it or less.
According to sentiment analysis, 67% OF RETAIL TRADERS ARE NET-LONG the pound which means price may continue to decline, but Aussie dollar
weakness may provide a benefit for this particular pair to rise due to Aussie dollar weakness.
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