Long GBPAUD
I'm sharing my setup on GBPAUD with you.
Technically:
A reversal pattern similar to a head and shoulders.
Breakout of the neckline.
Retest of an interesting zone that represents the neckline, the 61.8% Fibonacci retracement level of the last impulse, the 100 and 200 moving averages on the 4-hour chart (H4), and a minor dotted trendline.
Fundamentally:
The UK inflation figures were released this morning and they are higher than expected (GBP crashed because, in my opinion, persistent inflation is starting to worry investors).
However, further increases are expected, that's for sure.
The AUD has lost value in recent days due to the RBA minutes, the situation in China, and recent decisions by the PBOC.
Technically:
A reversal pattern similar to a head and shoulders.
Breakout of the neckline.
Retest of an interesting zone that represents the neckline, the 61.8% Fibonacci retracement level of the last impulse, the 100 and 200 moving averages on the 4-hour chart (H4), and a minor dotted trendline.
Fundamentally:
The UK inflation figures were released this morning and they are higher than expected (GBP crashed because, in my opinion, persistent inflation is starting to worry investors).
However, further increases are expected, that's for sure.
The AUD has lost value in recent days due to the RBA minutes, the situation in China, and recent decisions by the PBOC.
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