GBP/AUD flag idea
GBP/AUD may have had its fun in its little run but too many warning signs are rearing their head to ignore.
1M - Bearish flag pattern
1W - RSI bearish divergence & descending triangle
1D - Oct 2016 series of HHs have come to an end + hit top of linear regression channel Spearman Coefficient has taken a sharp downturn
4H - Strong rejection off range within regression channel + Potential LH coming into play if current downtrend continues
Bearish factors seem pretty stacked. For a bullish prospective, price action needs to continue with HHs however strong resistance zone is near and 50 fib zone is not long after that.
Short term bearish targets 1.8166
Long term bearish targets 1.7348
Really long term bearish targets 1.4900,
Short term bullish 1.9070
Long term bullish targets 1.9677
1M - Bearish flag pattern
1W - RSI bearish divergence & descending triangle
1D - Oct 2016 series of HHs have come to an end + hit top of linear regression channel Spearman Coefficient has taken a sharp downturn
4H - Strong rejection off range within regression channel + Potential LH coming into play if current downtrend continues
Bearish factors seem pretty stacked. For a bullish prospective, price action needs to continue with HHs however strong resistance zone is near and 50 fib zone is not long after that.
Short term bearish targets 1.8166
Long term bearish targets 1.7348
Really long term bearish targets 1.4900,
Short term bullish 1.9070
Long term bullish targets 1.9677
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