Gbpaudtrade
GBP/AUD - SellMonthly:
1. Impulse
2. Complex correction
3. Break of correction with new impulse
Now the price is make correction and is very possible to see 3rd touch of trendline.
If 3rd touch happend with nice bearish candle I will sell.
Weekly:
1. Last week the price close like Doji candle
2. Break of neckline without pullback for test
Expect a little down drop.
How to predict to where the price will drop?
Well if I add fibonacci from the high to the low where 38.20% Fibonacci level will align with the neckline I can understand. 0.00% Fibonacci level align perfectly with lower low in the past from where the price is jump to the upside.
Daily:
1. Impulse
2. Double bottom formation / not completed for now/
Double bottom formation is trend reversal pattern.
4H:
1. Impulse
2. Complex correction
3. Break of correction with new impulse
Now the price is make correction and is very possible to see 3rd touch of trendline.
If 3rd touch happend with nice bearish candle I will sell.
GBPAUD Possible Pullback (LONG)Pound saw weakness last week due to rising tensions in the world. This week will be much risk on so the pound will gain some strength. What I see on the chart is an over extension of GBP to the downside and I would check the price action in the marked area for a possible pullback to go long. Best of luck
GBPAUD TO BREAK BELOW SUPPORT?Price is currently trading around 1.87800, testing the key support area on the 4-hour time frame.
Recent price action shows lower highs coming into the key area.
If price cracks below this level, I'll be looking for short opportunities to continue this trend to the downside.