GBP.AUD - Technical Breakdown
Updated
The GBP.AUD is one pair on my watchlist into next week.
Monthly:
1. Bullish RSI divergence
2. Support found at 1.6000 psychological level
Weekly:
1. Bullish RSI divergence
2. Low-test candle formed at the key 1.6000 psychological level
3. Last week candle broke the previous month's candles
Daily:
1. Bullish RSI divergence
2. Price breaking above Daily EMA
3. RSI not overbought
4hr:
Bearish RSI divergence is forming which gives me an indication that we will see a minor pullback prior to a push towards the the 1.6700 psychological level.
Monthly:
1. Bullish RSI divergence
2. Support found at 1.6000 psychological level
Weekly:
1. Bullish RSI divergence
2. Low-test candle formed at the key 1.6000 psychological level
3. Last week candle broke the previous month's candles
Daily:
1. Bullish RSI divergence
2. Price breaking above Daily EMA
3. RSI not overbought
4hr:
Bearish RSI divergence is forming which gives me an indication that we will see a minor pullback prior to a push towards the the 1.6700 psychological level.
Note
Note
No gap occured on this pair so my analysis is still valid running into this week.Note
Price is now pushing towards the 1.6700 psychological level however we have not yet had a deep enough correction for us to take this pair long.Note
Price is now quickly approaching 1.6700 and trendline resistance.I am now awaiting a reversal setup on multiple timeframes or a break and retest.
Note
This is one occasion where although the analysis was spot on, it didn't give us an entry setup.No emotions as normal, we will move on to the next pair.
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