On the 15 minute time frame we are seeing lower lows and lowers highs being formed. The 50MA support has been broken and is now testing as resistance. I believe this retracement will be coming down to the 1.567 demand zone where the original long term downtrend was broken. This retracement is a short term trade, my long term trade is to buy the demand zone with a...
We have hit the GBP/AUD 1.8800 Supply zone and will see rejection down to the 1.8500 Demand zone. When looking at the daily time frame we can see that the resistance line has been broken as well as a engulfing bullish candle closing above the 50MA and 200MA. I would wait for a retracement to the 200MA (Around the 1.8500 demand zone) on the daily and then enter a...
