GBPAUD - A Bit Counter-Intuitive However Compression building
Updated
Hi Traders, we see here GBPAUD is starting to compress into the Asymmetrical Triangle pattern no clear indication of upwards or downwards move. However we can only go sideways for so long until we get that break out needed, look for clear indication of buy or sell here. Await for confirmation, time, price, volume, momentum
I have marked some levels, which ever way we break to either set targets or actively manage positions if we get to those levels.
Blue lines are somewhat more favored for a reversal and green are just a minor level but still worth paying attention to.
Remember to manage risk before and during the trade.
I also feel if we break to the upside with strong buying strength there is a lot of room for some nice upside targets - before we get some major resistance here.
But as we know - well we dont really know no one does, its just about analyzing the best we can and get those nice entry levels for ultimate protection.
We control our own risk. And we all know 3 things which will never change Up Down or Sideways - Buy, Sell sit on sidelines ;)
I have marked some levels, which ever way we break to either set targets or actively manage positions if we get to those levels.
Blue lines are somewhat more favored for a reversal and green are just a minor level but still worth paying attention to.
Remember to manage risk before and during the trade.
I also feel if we break to the upside with strong buying strength there is a lot of room for some nice upside targets - before we get some major resistance here.
But as we know - well we dont really know no one does, its just about analyzing the best we can and get those nice entry levels for ultimate protection.
We control our own risk. And we all know 3 things which will never change Up Down or Sideways - Buy, Sell sit on sidelines ;)
Note
Not much resistance as expected. Always good when a theory plays out, and all the variables are in our favor. NFP and EU Brexit news pushed it along nicely and mostly the fall in AUD helping as well. Strong buying after the break in consolidation - then also some more strong buying at the break in structure. Happy Trading next week
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.