GBPAUD: Uptrend is weak.
After many ideas support the Long side, there are signs that it has been weakened recently, we have to adapt to the market cuz it always change.
Here's the idea why i changed my mind to Short side.
Price upward movement was strong couple weeks agon when it was at the lower band of the trendline, but it is weak now:
- Volume does not support uptrend anymore.
- Lower High and Lower Low formed
As price didnot efficiently break the trendline, there are 2 possible entry for Short ( they're all on chart),
Howerever, if price somehow can break the upper resistance with noticeable momentum, upward trend may continue, if not, sideway market.
Overall, Short.
Here's the idea why i changed my mind to Short side.
Price upward movement was strong couple weeks agon when it was at the lower band of the trendline, but it is weak now:
- Volume does not support uptrend anymore.
- Lower High and Lower Low formed
As price didnot efficiently break the trendline, there are 2 possible entry for Short ( they're all on chart),
Howerever, if price somehow can break the upper resistance with noticeable momentum, upward trend may continue, if not, sideway market.
Overall, Short.
Note
i ddnot notice this pattern before, since price when up again when this comment is being written. This pattern is the same in the the term of both price action and position in longterm view.Current view is wait for the breakout of the triangle.
Note
seems like the patern is activated, consider buy on retracementNote
Price resembles the past. Huge upward momentum.
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