GBPAUD to reach a new high in NovemberFive days ago (10/20/17), I took a long position based on the daily chart:
As you can see, I went long due to the strong bullish engulfing pattern and in combination with strong technical analysis (strong short term uptrend and strong resistance line ahead, which I "expected" to be broken because of the strong bullish engulfing pattern).
I bought at 1.68696 and set my stop loss at 1.66981.
On the weekly chart, a strong resistance line is currently broken and if it still is broken when matured on Friday, then there will be a long trade setup according to my strategy, on the weekly chart. According to my technical and fundamental analysis, there is a high probability of a long term uptrend on GPAUD, because of the strong signals on the daily chart, but especially the weekly chart (if price still closed above the resistance line on Friday). At this point, I believe there will be new high in november, since the 1.76557 high.
If we look at the monthly chart, we have just been down at the bottom (lowest prices) for some time. Even though there recently has been a strong downtrend on the monthly chart, we have just been at the lowest price ever in the GBPAUD, and so I don't think the price will go down again and go below that price, because for the price to reach a new all time high or low, a great economical event must take place.
Follow my live account and trades here: www.myfxbook.com
Happy trading!
