Current Price Level: 2.04376
Resistance Zone: The upper red box indicates a strong resistance area near 2.04500.
Support Zone: The lower red box suggests a key support level around 2.03500.
Projected Move: The blue arrow suggests that the price may reject the resistance zone and move downward toward the 2.03500 support level.
Trading Outlook:
Bearish Scenario (More Likely): If GBP/AUD fails to break above 2.04500, it is expected to decline toward 2.03500.
Bullish Alternative: If GBP/AUD breaks above 2.04500 with strong bullish momentum, this bearish outlook may be invalidated, leading to further upside movement.
Conclusion:
This analysis indicates a potential short-selling opportunity with a target near 2.03500, unless the resistance is broken. Traders should look for confirmation signals, such as rejection candles or increasing selling volume, before entering a trade
Resistance Zone: The upper red box indicates a strong resistance area near 2.04500.
Support Zone: The lower red box suggests a key support level around 2.03500.
Projected Move: The blue arrow suggests that the price may reject the resistance zone and move downward toward the 2.03500 support level.
Trading Outlook:
Bearish Scenario (More Likely): If GBP/AUD fails to break above 2.04500, it is expected to decline toward 2.03500.
Bullish Alternative: If GBP/AUD breaks above 2.04500 with strong bullish momentum, this bearish outlook may be invalidated, leading to further upside movement.
Conclusion:
This analysis indicates a potential short-selling opportunity with a target near 2.03500, unless the resistance is broken. Traders should look for confirmation signals, such as rejection candles or increasing selling volume, before entering a trade
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.
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.