I have done some quite detailed analysis on this pair using price action, key levels and some intermediate patterns.
GBPAUD has been falling since it tapped the 1.8450 Resistance and after consolidation it finally broke down all the way back to the 1.76000 Support. This is where price currently stalls and I think multiple rejections of this current level will result in the bulls taking control. There is also some convergence on the RSI as you can see, the price is still downtrending but the RSI is creating HH & LL.
The dotted line is my prediction for this pair, I will wait for it to break out of this channel and then buy on the pull back, expecting this pair to rise back to 1.8000. On the weekly chart there is also a line up with the 61.8% Fib retracement tool from the High to the new lows being created as I speak. The weekly chart still shows an upward trend and therefore my bias on this pair is long. for a medium-long term swing trade I suggest waiting until it breaks out of this channel and buying on the pull back. The dotted lines show my prediction.
These are just suggestions! No trader is ever 100% sure so trade at your own risk, I will keep this post updated.
Thanks :)
GBPAUD has been falling since it tapped the 1.8450 Resistance and after consolidation it finally broke down all the way back to the 1.76000 Support. This is where price currently stalls and I think multiple rejections of this current level will result in the bulls taking control. There is also some convergence on the RSI as you can see, the price is still downtrending but the RSI is creating HH & LL.
The dotted line is my prediction for this pair, I will wait for it to break out of this channel and then buy on the pull back, expecting this pair to rise back to 1.8000. On the weekly chart there is also a line up with the 61.8% Fib retracement tool from the High to the new lows being created as I speak. The weekly chart still shows an upward trend and therefore my bias on this pair is long. for a medium-long term swing trade I suggest waiting until it breaks out of this channel and buying on the pull back. The dotted lines show my prediction.
These are just suggestions! No trader is ever 100% sure so trade at your own risk, I will keep this post updated.
Thanks :)