GBPAUD Multi TF Analysis June 29th, 2021
GBP/AUD Long Idea
Weekly Trend: Sideways
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: GBPAUD in Daily Timeframe is still bullish as we have formed HH and now potentially forming a new HL. We can see also it rejected 78.6 fibs level with the Daily candle closing forming tweezer bottom candle pattern which could be a good signal for a new LH
We also saw rejection of EMA200 in 4H, Bullish structure building up in 1H Timeframe with double bottom formed, are also good signal for us to keep buying GBPAUD. But, we'll wait another LH in 1H timeframe which also as a retest to the double bottom pattern is everything we want to see before entering a trade.
Trade scenario 2: For us to consider GA bearish we would need to see a break of support/LL in 4H timeframe at 1.82600 which also break and close below the EMA200
Weekly Trend: Sideways
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: GBPAUD in Daily Timeframe is still bullish as we have formed HH and now potentially forming a new HL. We can see also it rejected 78.6 fibs level with the Daily candle closing forming tweezer bottom candle pattern which could be a good signal for a new LH
We also saw rejection of EMA200 in 4H, Bullish structure building up in 1H Timeframe with double bottom formed, are also good signal for us to keep buying GBPAUD. But, we'll wait another LH in 1H timeframe which also as a retest to the double bottom pattern is everything we want to see before entering a trade.
Trade scenario 2: For us to consider GA bearish we would need to see a break of support/LL in 4H timeframe at 1.82600 which also break and close below the EMA200
Note
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