GBPAUD: Doves vs Hawks
Updated
Both the RBA and the BOE have dovish and hawkish stances regarding monetary policy, and have hinted at the possibility of a rate cut and hike respectively, in the next 12 months.
The daily chart is showing a technical setup, calling for a long position, with a stop loss at 1.9650, and a tentative target at the 2.0207 mark.
There is a clear AB=CD geometry if we go to the monthly chart, which is discernible in the daily as well.
I opened a long position at 1.9763 and will hold it in advance of the BOC news this Wednesday, which will fuel the uptrend if the average income figures match the forecast, remaining at 1.7%, or exceed it, sending GBPAUD and GBPCAD particularly strongly up (and most likely cable as well).
Good luck!
The daily chart is showing a technical setup, calling for a long position, with a stop loss at 1.9650, and a tentative target at the 2.0207 mark.
There is a clear AB=CD geometry if we go to the monthly chart, which is discernible in the daily as well.
I opened a long position at 1.9763 and will hold it in advance of the BOC news this Wednesday, which will fuel the uptrend if the average income figures match the forecast, remaining at 1.7%, or exceed it, sending GBPAUD and GBPCAD particularly strongly up (and most likely cable as well).
Good luck!
Trade closed: target reached
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