Descending wedge, reversal trend
Updated
Looks like a descending wedge acting as a trend reversal.
Looking to short with target near pre-UK election sometime in May this year (2015).
If true, it's a long way down, only to reverse when UK factory orders (export) improve.
Looking to short with target near pre-UK election sometime in May this year (2015).
If true, it's a long way down, only to reverse when UK factory orders (export) improve.
Note
MNI: **CHINA OCT EXPORTS -3.6% Y/Y VS MEDIAN -3.7% Y/Y CHINA OCT IMPORTS -16.0% Y/Y VS MNI MEDIAN -15.8% Y/Y CHINA CUSTOMS GIVES EXPORT/IMPORT NUMBERS IN YUAN TERMS (news at 8/11).Trade closed manually
Last news from Australia, unemployment rate drop significantly. This caused AUD to strengthen against GBP pair.
I suspect the move will be limited by the AUDUSD pair which remains bearish.
I've closed by SHORT positions.
However, there may still be a possible dead cat bounce pattern for those still looking to add in SHORT, but be mindful. It may just go further north after the bounce.
I've decided to stop looking at GBPAUD pair and refocus back to AUDUSD which I believe USD will be the main market mover for this coming weeks.
Trade active
I'm jumping back into the GBPAUD pair. LONG for now.
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