GBPAUD Analysis 5/5/2020
GBPAUD IS CURRENTLY IN A VALID UPTREND ON THE WEEKLY CHART WITH PRICE CURRENTLY MAKING HIGHER LOW AND HIGHER HIGH PRICES over the past 3 years. Price has retraced back last week and created a strong bullish pin bar with lots of buyers based on the long lower wick at the bottom of last weeks candle. It also retraced back to the the 78 fibo level and proceeded to close bullish. We have enough validation to take the buy with confidence, the final key we need to have this play out for the long term buy will be for this week to follow up with a bullish week.
Total drawdown if taking a position before we have confirmation is 500 points but the reward with this going back create higher highs is 1000+ which gives us a solid 2:1 risk ratio. Just have to let this play out
Total drawdown if taking a position before we have confirmation is 500 points but the reward with this going back create higher highs is 1000+ which gives us a solid 2:1 risk ratio. Just have to let this play out
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