GBPAUD is nearing the 200EMA on the daily chart. It coincides with a number of other key technical indicators:
- Previous Support
- Trendline/Channel Resistance
- RSI been in a heaving overbought region for a long time
- 32,8 Fib Retracement from 24 Aug '15 high
With this setup we still need to exercise patience to wait for a confirmed sell signal. I'd prefer waiting for price to hit the 200EMA and test the 1,9875 - 1,9900 region, and then form bearish price action.
If things fall into place we could be positioned for a strong downward move of 800 pips back down to the 800 EMA at 1,9000.
Will keep the updates coming.
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For more info visit fxcoach.tv
- Previous Support
- Trendline/Channel Resistance
- RSI been in a heaving overbought region for a long time
- 32,8 Fib Retracement from 24 Aug '15 high
With this setup we still need to exercise patience to wait for a confirmed sell signal. I'd prefer waiting for price to hit the 200EMA and test the 1,9875 - 1,9900 region, and then form bearish price action.
If things fall into place we could be positioned for a strong downward move of 800 pips back down to the 800 EMA at 1,9000.
Will keep the updates coming.
--------
For more info visit fxcoach.tv