GBPAUD Getting Ready To Run Higher?
GBPAUD has been in an uptrend for the past 9 months and has recently pulled back approximately to the 50% Fibonacci retracement.
We suspect the uptrend will continue soon but would like to see a daily close above the short-term downtrend line you see in green. As of Monday December 14th we need to see a close above 2.13400, obviously that closing price will be coming down the longer it takes. Assuming a daily close above that short-term downtrend the first target will be 2.15246 which is the 23.6% Fibonacci retracement. Stops can be placed using the Daily Average True Range of 250 Pips.
We suspect the uptrend will continue soon but would like to see a daily close above the short-term downtrend line you see in green. As of Monday December 14th we need to see a close above 2.13400, obviously that closing price will be coming down the longer it takes. Assuming a daily close above that short-term downtrend the first target will be 2.15246 which is the 23.6% Fibonacci retracement. Stops can be placed using the Daily Average True Range of 250 Pips.
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