GoNoGo Charts: Will GBPAUD see a new leg down?
How low can this pair go?
We’ve seen a strong “NoGo” since mid April. When we wrote our last analysis (4/22, linked) of this pair we were looking for a low risk entry in the form of a red circle after the “NoGo” trend was identified. We got that on the 7th of May and now we see the GoNoGo Oscillator approaching the zero line from below again and in the upper panel the trend is showing signs of weakness with a couple of light pink bars.
If the downtrend is to continue, the GoNoGo Oscillator should get turned away from zero leading to a new leg down in price.
We’ve seen a strong “NoGo” since mid April. When we wrote our last analysis (4/22, linked) of this pair we were looking for a low risk entry in the form of a red circle after the “NoGo” trend was identified. We got that on the 7th of May and now we see the GoNoGo Oscillator approaching the zero line from below again and in the upper panel the trend is showing signs of weakness with a couple of light pink bars.
If the downtrend is to continue, the GoNoGo Oscillator should get turned away from zero leading to a new leg down in price.
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