Good morning, traders! Today we will analyze GBP/AUD (multi-timeframe) to explain our bullish view in depth.
First, we would like to start with the graph with the longest temporality (Weekly) to explain the context and where this direction comes from.
🔸Here, we see that the price rebounded on the Weekly Ascending Trendline, and since then, the upward movement has not stopped.
🔸Recently, we saw a break in a supply zone on the daily chart.
🔸As we know, the broken resistance zones later become support zones, which happened in this case.
🔸Now the price is moving upward, and we believe that in the long term, there is the potential to reach the previous high.
First, we would like to start with the graph with the longest temporality (Weekly) to explain the context and where this direction comes from.
🔸Here, we see that the price rebounded on the Weekly Ascending Trendline, and since then, the upward movement has not stopped.
🔸Recently, we saw a break in a supply zone on the daily chart.
🔸As we know, the broken resistance zones later become support zones, which happened in this case.
🔸Now the price is moving upward, and we believe that in the long term, there is the potential to reach the previous high.