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Gbpaudlong

GBPAUD correction needed - another long in shorts. :)GBPAUD decisively broke the up trend line and now on a potential direction going down hill, the impulsive move on last Friday was contributed by the dollar weakness I believe. I did have a long setup on Friday which got stopped out by the sudden drop with some good profits. By the look of it, I believe GBPAUD is due for a correction for at least 0.3 - 0.5 fib recovery. Note: I'm on a 15mins chart for a quick hit and run setup, but it's been a weekend so the price may have either moved higher or lower. I will not enter if the price moved below Friday's low which is 1.81121; neither will I enter if the price has already gone up above 1.883 SL: very tight one as I believe it has reached to its next strong support zone and may bounce hard (or drop harder :D ) TP: Fib based. If dollar strength come back causing AUDUSD retrace significantly it might clim higher. both GBPUSD and AUDUSD currently are facing a strong resistance/supply zone just so you know. GL and wish we all a brilliant week start.
GLong
by mleader1
1
possible long setupGBPAUD has been in ascending channel for many weeks and the base has not been broken in many occasions, now that it is in the same situation again I expect it to follow the same pattern. There's also a change that it may choose to break the trend line because it has just reached to yearly ATH at 1.91597 and now may want to do some deep retracement. On that scenario, I hold my bias that it's done and now time to go back up (from upper channel retraced to lower channel, and now time to go back up) Entry: lower than 1.89 higher than 1.889 SL: lower than 1.88858 however breaching 1.88858 would invalidate my analysis TP: recent top that it didn't manage to break which is around 1.89513 GL
GLong
by mleader1