GBPAUD- Getting ready for a turbulent week!
Morning Traders!!
Taking a look at GBPAUD during the London sessions .
A small recap from the last few days of last week. We were ranging for most part of the week and then on Friday we managed to finally break out from the consolidation.
As you can see we have a descending trend line in which the pair was rejecting from. As we know the more times a currency bounces from a trend line the higher chance we have of it breaking. This is our trade at the moment.
We are going to wait for either a rejection from the broken trend line which also parallels with a ascending trend line we have. Simple break and retest of a prior resistance becoming a support OR at our key level of 1.80000 which is also a 61.8% fib retracement. My target again will be 1.81750 until we break above.
Price action will come into play when I see the pair reach the two points I’ve mentioned.
Fundamentally we have a lot of news for both sides of the pair. Most important in the next 24hours is the RBA meeting minutes which will take place at 02:30AM GMT.
The £ is also coming under some selling pressure so if we do break back under the trend line my bias will change. Until then keep in mind the few scenarios I’ve given as to where the pair might be heading.
https://t.me/Freedomwalkfx
GBPAUD
Morning Traders!!
Taking a look at GBPAUD during the London sessions .
A small recap from the last few days of last week. We were ranging for most part of the week and then on Friday we managed to finally break out from the consolidation.
As you can see we have a descending trend line in which the pair was rejecting from. As we know the more times a currency bounces from a trend line the higher chance we have of it breaking. This is our trade at the moment.
We are going to wait for either a rejection from the broken trend line which also parallels with a ascending trend line we have. Simple break and retest of a prior resistance becoming a support OR at our key level of 1.80000 which is also a 61.8% fib retracement. My target again will be 1.81750 until we break above.
Price action will come into play when I see the pair reach the two points I’ve mentioned.
Fundamentally we have a lot of news for both sides of the pair. Most important in the next 24hours is the RBA meeting minutes which will take place at 02:30AM GMT.
The £ is also coming under some selling pressure so if we do break back under the trend line my bias will change. Until then keep in mind the few scenarios I’ve given as to where the pair might be heading.
https://t.me/Freedomwalkfx
GBPAUD