GBP/AUD Short Setup
Updated
- Price retesting the daily support
- Potential triple top to be formed if this level rejects price once again
- Re entered the consolidation range where price is struggling to beat 1.8185 level
- This bearish bias is supported by confluence as this level is also the 61.8 fibonacci level on the H4, which suggests that the retracement could be over
- A series of consolidation illustrates uncertainty and price exhaustion around this area and awaiting a bearish swing
- Potential triple top to be formed if this level rejects price once again
- Re entered the consolidation range where price is struggling to beat 1.8185 level
- This bearish bias is supported by confluence as this level is also the 61.8 fibonacci level on the H4, which suggests that the retracement could be over
- A series of consolidation illustrates uncertainty and price exhaustion around this area and awaiting a bearish swing
Note
*Price retesting the major daily resistance level which has held firm. 200 pips swing target for the coming days with 100 pip stop loss to ride noise and false breakouts to the upside. Breakout of the consolidation zones would be further confirmation.Trade closed: stop reached
Bad trade, went to the moon.
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