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GBPAUD Top-Down Analysis
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Hello Traders,
Here is the Top-Down Analysis of GBPAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market is moving in a triangle and it tested monthly support and started pull back to the upside. We can see an over extended M formation, price should move up to test the neck.
W > Price moved bullish and reached weekly resistance, tested the level and dropped.
D > Price formed W formation and dropped to test the neck before continuing with bullish move.
As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week.
4H > Price is now testing weekly support on a pull back before continuing with upward move.
Pair Correlation: GBPAUD has positive correlation with GBPNZD and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market is moving in a triangle and it tested monthly support and started pull back to the upside. We can see an over extended M formation, price should move up to test the neck.
W > Price moved bullish and reached weekly resistance, tested the level and dropped.
D > Price formed W formation and dropped to test the neck before continuing with bullish move.
As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week.
4H > Price is now testing weekly support on a pull back before continuing with upward move.
Pair Correlation: GBPAUD has positive correlation with GBPNZD and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
トレード終了: 利益確定目標に到達
Update: Bang on....... GBPAUD has met our target. Traders following the idea can exit the trade. 👍🏼👍🏼
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