GBPAUD - Long - Potential fake break to the downside
Seeing price consolidating, and seeing signs of a move higher.
We broke out of the daily support zone that price has been ranging in, but there's a lot of price action below that it needs to break to make the move down.
I think we're seeing the price action hold up here, and possibly present a fake break out of the range, and move back higher.
We should come back down to retest that level and then make another leg higher.
There are levels that need to be retested before making a significant down move in the long term, so I'm keeping a mid term long bias.
We broke out of the daily support zone that price has been ranging in, but there's a lot of price action below that it needs to break to make the move down.
I think we're seeing the price action hold up here, and possibly present a fake break out of the range, and move back higher.
We should come back down to retest that level and then make another leg higher.
There are levels that need to be retested before making a significant down move in the long term, so I'm keeping a mid term long bias.
Note
impulsive up move to first target. daily needs to close above 1.81604 to confirm the fake break. looking for price to come back to this after the daily close to retest, and then going back up.Note
Price respected the 1.81534 level on the 4H, so it looks like we're heading up.However, we need to watch for the daily to close above, and if it does then we'll probably see a touch back to this level before price heads up.
Note
Looks like we're finishing up wave 3 of a 5 wave sequence.Slight pull back and then another leg down to finish the 5th wave at the 23.6%.
We should see a move higher from there. Entry now would require a larger stop.
Note
Better view of timing...Note
Ranging..Stops below red line
Note
Price moving!
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.