GBPAUDGBPAUD 31/08/19
Price is at a critical bounce level, proven multiple times in the past.
Weekly Heikin Ashi: two strong bullish candles after a range of indescision
Monthly Heikin Ashi: Weak bearish candle slowing down previous bearish momentum
This means that overall averaged price action (heikin ashi) is bullish.
4H Candle: Signs of a correction, (descending triangle on support) - now to wait for a continuation when the bulls come back in.
Daily candle: Super clean ‘3 bar play’ bullish pattern forming
Weekly candle: bearish candle 50% of previous green candle
Monthly candle: Bullish candle 80% of previous red candle with very large wick
OVERALL: Monthly structure looks somewhat like an ascending wedge in a bearish bias. This could mean in the long term price will most likely resume to the downside. Of course though, we are in an ‘ascending’ wedge formation, which has a bullish bias in the medium term. On the short term, we have price action showing very nice signs that we are currently in a correction phase, and a continuation phase will most likely follow.
I am BULLISH on GBPAUD this week. Lets see how this one goes. :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.