GBPAUD in a 9 day decline
Updated
GBPAUD has just broken a 9 day Donchian Channel, paving the way for a series of shorts. It is best to wait for a daily retraces and take short trades keeping stops at the 9 day Donchian channel high of 1.88879. We are likely to see retraces to 1.87 levels before the daily trend resumes its downtrend. Any reversal of a 6 day trend (at 1.8717) will be the first warning sign that the 9 day trend is about to break to the upside.
Long term 54 day trend is still up though, but a break below the 54 day and 30 day trendline of 1.8493 would break the current 54 day uptrend. It is most likely now that prices will bounce up for one last push before starting to make a decisive move down to break the 30 day and 54 day trendlines.
Long term 54 day trend is still up though, but a break below the 54 day and 30 day trendline of 1.8493 would break the current 54 day uptrend. It is most likely now that prices will bounce up for one last push before starting to make a decisive move down to break the 30 day and 54 day trendlines.
Note
1.86 offers a solid resistance level. ( 9 day trend line is at 1.8699, 6 Day peak price is 1.8717). Shorts at that level would tend to have a favorable RRR.
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