GBP AUD - 4hour chart

Be ready for either direction on the lower timeframe.

Technicals to assess.
We have a bearish hammer forming on the 4 hour chart.
The Fibonacci down trend is in play, however the 61.8% has not been attacked yet with no signal of a lower high formed.
With GBP AUD - price moves quick with a strong engulfing once the orders are ready and filled to either the downside or upside.
If the trend line is intact, then the lower high rejection wicks are in play.
A break will see downsides to look for positional holds to 1.74 with the weekly imbalance looking likely again.

This can be a good hedge trade to longs.

However, buys can be engineered by a perceived short position in which we will look long again with 1.767XX to remained untested.

See the main idea here for longs, shorts.
GBP AUD - inefficiencies 1,2


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