Today’s Second Analysis – GBPAUD- trading in a clear apex where a breakout will be imminent.
Points to consider, - Price Action Apex - Dynamic Support (200 MA Confluence) - Range High Target - Oscillators Neutral - Volume Declining
GBPAUD’s immediate price action is at a pivot point, a break in either direction will dictate the overall trend.
The dynamic support in confluence with the 200 MA has been respected. Price holding above it is crucial in maintaining a higher low projection.
GBPAUD’s bullish break will make the immediate target Range High
Both oscillators are currently trading neutral, indicative of a break as this highlights price being in equilibrium.
The volume is currently below average, an influx is highly probable when a break comes to fruition. This will help avoid false breaks as price movement will be backed with volatility.
Overall, in my opinion, GBPAUD has a higher probability of breaking bullish, thus long trades are valid with defined risk. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps
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