Simple analysis of a bearish reversal.
Appears to be a channel in GBP/AUD. Momentum also appears to be declining along with volume.
Green line -> T/P
Orange Line -> S/L
Leaning more bearish than bullish here over the appearance of a head and shoulders on daily, however this could simply just be a red herring as it has technically bounced off of its channels support. I am going to be watching this like a hawk over the next few days. If it breaks that support level it could be a big win.
These are just my specific targets based on TA.
Target 1 is the first bar of support from the bulls, You can expect some resistance at this level. I will be buying here, hodling, and then selling at the peak arrow, aiming for target 2.
