GBP/AUD: Power candle, I'm buying it!I am bullish on this pair. The reasons are the following:
- Price is above the daily pivot level
- Price is above the KUMO (cloud)
- Price is producing higher lows and higher highs
- Price bounced off the cloud as a trend continuation
- We have a power candle as highlighted in my chart.
So it seems at the moment buyers > sellers
Power candles are candles with thick bodies. Their closing should be located at the highs (if it's bullish) or at the lows (if it's bearish). We shouldn't see any kind of large wicks at the closing of these candles.
A power candle is also usually exceeding the range of the previous candles (highs-lows).
I am targeting the previous highs as T1 and the fib level as T2.
Trade with care and at your own risk
