GBPAUD Potential Long Setup
My technical analysis for a potential long on this pair. Last week we saw Sterling be very bullish in the market against Aud.
Weekly Chart : No candle pattern except that it closed Bullish
Daily Chart : Monday formed a spinning top (equilibrium between bears and bulls) Friday closed with a spinning top could be a potential (HL?) and send the market low forming an evening star?? BUT we have a trendline break to watch as well. We could have a break retest then Long continuation setup.
4 HR Chart : Price broke structure, 30 November (Resistance) used it as support to go higher. Thursday to Friday we have the price in a range.
Profit target has been set 80pips below the 38fib retracement level on an analysis I did November 5th.
Weekly Chart : No candle pattern except that it closed Bullish
Daily Chart : Monday formed a spinning top (equilibrium between bears and bulls) Friday closed with a spinning top could be a potential (HL?) and send the market low forming an evening star?? BUT we have a trendline break to watch as well. We could have a break retest then Long continuation setup.
4 HR Chart : Price broke structure, 30 November (Resistance) used it as support to go higher. Thursday to Friday we have the price in a range.
Profit target has been set 80pips below the 38fib retracement level on an analysis I did November 5th.
Trade closed: stop reached
Note
Last weeks entry on this pair was too early.technically GBPAUD has formed an head and shoulders pattern.
I will be going long on this pair to my intended target of 1.78800
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