GBPAUD Buy Setup: Bullish Formation with Strong Support Reaction
📈 Weekly Overview:
Price is holding firmly at the weekly support zone, aligned with the 14EMA, suggesting that buyers are stepping in to defend this key level.
📆 Daily Chart Explanation:
The daily timeframe has formed a potential double bottom pattern, a classic reversal signal. Price is rejecting the 50EMA with consecutive bullish candles, indicating a shift in momentum from sellers to buyers.
⏱ 4H Chart Explanation:
On the 4H timeframe, price is trending above the 50EMA, maintaining a bullish structure. It has recently retraced to a discounted zone and shown a clear reaction, suggesting the possibility of a new leg up. I will wait for confirmation from the lower timeframe before entering to ensure the uptrend resumes with strength.
🧭 Plan:
Price is holding firmly at the weekly support zone, aligned with the 14EMA, suggesting that buyers are stepping in to defend this key level.
📆 Daily Chart Explanation:
The daily timeframe has formed a potential double bottom pattern, a classic reversal signal. Price is rejecting the 50EMA with consecutive bullish candles, indicating a shift in momentum from sellers to buyers.
⏱ 4H Chart Explanation:
On the 4H timeframe, price is trending above the 50EMA, maintaining a bullish structure. It has recently retraced to a discounted zone and shown a clear reaction, suggesting the possibility of a new leg up. I will wait for confirmation from the lower timeframe before entering to ensure the uptrend resumes with strength.
🧭 Plan:
- Bias: Bullish
- Entry: After confirmation in the lower time frame (1H or 15M bullish structure / trendline break)
- Targets: 1st TP near recent swing high, 2nd TP at higher daily resistance
- Invalidation: If price breaks below the discounted zone and 4H structure turns bearish
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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.
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.