GBP/AUD Trend Continuation Trade
Updated
We can clearly see with moving averages and trend lines that GBP/AUD is in a strong bear trend.
Currently, price is at critical support. If we can clear this level the next major support level is quite a bit away. We have a minor level at 1.72-- to 1.73-- and the next major level (as I define them) is at 1.445-- area.
This seems to be a good short if price action confirms that there is enough momentum to break this current level.
I will be waiting for a valid signal (in this case a candle pattern) to enter this trade.
Currently, price is at critical support. If we can clear this level the next major support level is quite a bit away. We have a minor level at 1.72-- to 1.73-- and the next major level (as I define them) is at 1.445-- area.
This seems to be a good short if price action confirms that there is enough momentum to break this current level.
I will be waiting for a valid signal (in this case a candle pattern) to enter this trade.
Trade active
We are now in a couple hundred or more pips profit. Will be looking at minor support and resistance levels to break before selling more.Related publications
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