Been following GBP/AUD being it's the only pair I do trade. Short started from a week view point around 1.97
Tested a very strong weekly support that had bounce out multiple times. Reversed to an uptrend looking to go go long. Fakes out and continues for a short causing a current downtrend using the 4HR charts, where it goes, possibly to retest a weekly support once again around 1.91536. If that breaks, we could see levels to short towards 1.9070 to complete a weekly short. From there we can start looking to longs, but not quite there yet.
Tested a very strong weekly support that had bounce out multiple times. Reversed to an uptrend looking to go go long. Fakes out and continues for a short causing a current downtrend using the 4HR charts, where it goes, possibly to retest a weekly support once again around 1.91536. If that breaks, we could see levels to short towards 1.9070 to complete a weekly short. From there we can start looking to longs, but not quite there yet.
Note
I would highly recommend staying away at the moment being we are close to a cross road where you will be tossed by market makers. Beware. If you do, play with caution.Note
Would not recommend taking short a short position at current prices, wait for confirmation first and enter.
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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.