GBPAUD OVERVIEW for the month of June
GBPAUD analysis overview-
Monthly closure - bullish engulfing, giving me a long bias(long term) for the time being https://www.tradingview.com/x/aI5eiMN8/
Weekly chart - bullish closure with a significant bullish rejection (long lower wick), can potential start ranging if reject from the resistance level ahead https://www.tradingview.com/x/llX7k8QH/
Daily chart - break above resistance making a new higher high, potential new resistance found and could potential see a retracement (this would be dependent on how the lower timeframes hold their structure) if today's candles closes bearish and tomorrow follows through, potential area it could retrace too 38.2% as it has confluence with previous resistance level.https://www.tradingview.com/x/OrjIlQmv/
H4 chart - initiated a 123 move to the up side which could give birth to an uptrend, I have to areas of interest the 38.2% fib level as it is the same area of interest as the Daily chart, if this area fails to hold support(if we ever get to it in the first place) i would potentially be looking at the 61.8% which is lining up with my previous H4 resistance level and has we know "previous resistance can become support" https://www.tradingview.com/x/QzRXlr2b/
30m chart (my main trading TF) - we had impulse wave breaking the previous level of resistance, then followed by a pullback which seems to be finding support at the 50% fib level, potentially creating something which some people would call a 'double bottom' (lets see how the candle closes). https://www.tradingview.com/x/XAhawT9q/
Overall a lot of confluence for potential long opportunities, which will be my main focus for this pair for this month ( as long as market structure still maintains the same).
Monthly closure - bullish engulfing, giving me a long bias(long term) for the time being https://www.tradingview.com/x/aI5eiMN8/
Weekly chart - bullish closure with a significant bullish rejection (long lower wick), can potential start ranging if reject from the resistance level ahead https://www.tradingview.com/x/llX7k8QH/
Daily chart - break above resistance making a new higher high, potential new resistance found and could potential see a retracement (this would be dependent on how the lower timeframes hold their structure) if today's candles closes bearish and tomorrow follows through, potential area it could retrace too 38.2% as it has confluence with previous resistance level.https://www.tradingview.com/x/OrjIlQmv/
H4 chart - initiated a 123 move to the up side which could give birth to an uptrend, I have to areas of interest the 38.2% fib level as it is the same area of interest as the Daily chart, if this area fails to hold support(if we ever get to it in the first place) i would potentially be looking at the 61.8% which is lining up with my previous H4 resistance level and has we know "previous resistance can become support" https://www.tradingview.com/x/QzRXlr2b/
30m chart (my main trading TF) - we had impulse wave breaking the previous level of resistance, then followed by a pullback which seems to be finding support at the 50% fib level, potentially creating something which some people would call a 'double bottom' (lets see how the candle closes). https://www.tradingview.com/x/XAhawT9q/
Overall a lot of confluence for potential long opportunities, which will be my main focus for this pair for this month ( as long as market structure still maintains the same).
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