Long

GBPAUD Long (Buy) Trade Idea Setup

Updated

GBPAUD was in a longterm downtrend and has now seen rejections to go lower on monthly timeframe. On the 4-hour, we have an opportunity to buy here and aim to the upside. The small red zone could be a spanner in the works to push prices lower but otherwise, I would be aiming for the upper red zone as extended targets, should price action permit.

Note

As anticipated, that small red zone had sells that are being filled. Should prices fall deep enough into the green buy zone and if price action permits, I will then look for long entries. For now, we wait patiently to see how price reacts.

Trade active

Entered this position yesterday as price dipped below the orange line to touch the baseline of the demand zone and we're now in about ~50pips profit.

Trade closed: target reached

AEFX786

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