GBP/AUD - LONG
Updated
1M
Last few months price action has tried to break above the Monthly Resistance of 1.8500, failing to do so. Price dropped back towards the EMA where it was supported by this as the Weekly support level.
1W
Last week we closed above the weekly resistance which has now turned support. This week we retested and rejected this support level. Clear HH and HL are being formed, with this week’s price potentially looking like it may close above the EMAs.
1D
On this time frame we see the clear retest of 1.82500, with a bullish engulfing. Yesterday’s Candle spiked through both EMA’s as they crossed to the upside, while also forming the new HH and HL of this bullish structure.
4H
Once price broke 1.82500 a retest was expected and appeared with a nice Hammer rejection, which now forms the continuation. Preferred fib zone has been tested with a tweezer bottom forming and closing above the upwards facing EMA’s. This formed the latest LL, I’m now looking for the next HH of this bullish. A daily resistance level lines up closely to preferred fib target, this will be the TP price.
Last few months price action has tried to break above the Monthly Resistance of 1.8500, failing to do so. Price dropped back towards the EMA where it was supported by this as the Weekly support level.
1W
Last week we closed above the weekly resistance which has now turned support. This week we retested and rejected this support level. Clear HH and HL are being formed, with this week’s price potentially looking like it may close above the EMAs.
1D
On this time frame we see the clear retest of 1.82500, with a bullish engulfing. Yesterday’s Candle spiked through both EMA’s as they crossed to the upside, while also forming the new HH and HL of this bullish structure.
4H
Once price broke 1.82500 a retest was expected and appeared with a nice Hammer rejection, which now forms the continuation. Preferred fib zone has been tested with a tweezer bottom forming and closing above the upwards facing EMA’s. This formed the latest LL, I’m now looking for the next HH of this bullish. A daily resistance level lines up closely to preferred fib target, this will be the TP price.
Trade closed: stop reached
Stop Hit
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