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Gbpaudsetup

GBPAUD Multiple Confluence SellHigh confluence sell area with multiple confirmation: - 61.8% Fib Retracement level - Previous minor flip/supply & liquidity zone (Red Zone) - Touch of bearish trend trend line - Break & Retest of counter-trend line (Watch for bearish candlestick signals) - Price has started to make lower lows and lower highs Entry: Wait for 3 or more confirmation with good bearish structure/candle Take Profits: - Main Take Profit points will be at 1.87500 & 1.87000 (TP2 & TP3) - TP 1 is a conservative exit (Best to take partial profits and set SL to BE if there is good bearish momentum)
Short
by NoahXBorg
GBPAUD | Perspective for the new weekThe continuation of bearish pressures appears to be emphasized at the AU$1.89150/1.89550 area. Since late August 2021, it can be observed that price continue to reject this area as buyers find it difficult to push prices further. Following a continued rejection of AU$1.8950 which also makes a confluence at exactly 61.8% retracement of prior bearish momentum and the disappointing UK Retail Sales report failing to boost the British pound across major pairs, I see an opportunity to t ake a bearish bias on this pair in the coming week(s). Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Trendline | Reversal pattern (61.8% retracement) Observation: i. The line drawn under pivot lows is a visual representation of the support level which reveals the prevailing direction of price action since the beginning of September 2021. ii. As far back as April 2019, the AU$1.89150/1.89550 is a zone that has a memory for bearish momentum. iii. The Bullish Trendline guided price back to AU$1.89350 during last week trading session to form a Double Top look-a-like. iv. Double Top: Having an extremely bearish technical reversal pattern right inside a Supply zone appears to be a signal that a risk of a further decline in price is imminent as long as the price breaks below AU$1.88400 (Neckline) in the coming week(s). v. Below Key level @ AU$1.88950 remains a comfortable zone to sell the Pound for the Aussie in the coming week(s). vi. A further breakdown/retest of AU$1.88400 welcomes an opportunity to add to our existing position... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:5 Potential Duration: 2 to 7days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
2
GBPAUD | Perspective for the new weekA Breakout of channel negated my speculation on this pair as price continued to find new highs (see link below for reference purposes) and the appearance of a Double Top structure at this juncture in the market insinuates a risk of further decline if price successful breakdown Neckline @ AU$1.87800. Positive development unfolding as the Reserve Bank of Australia (RBA) is expecting that once the covid restrictions end, the economy would stage a quick rebound as it revised down its 4Q GDP forecast by 0.75%. Tendency: Downtrend (Bearish) Structure: Supply & Demand | Reversal pattern (Double Top) Observation: i. It is very glaring that the Pound has imposed a show of strength over the Aussie since the beginning of the year 2021 hereby registering an 8.7% gain to culminate at AU$1.89800 at the end of July 2021. ii. The appearance of Double Top structure at the very peak of the Bullish run inspires an extremely bearish technical reversal pattern after the price touched a peak two consecutive times (AU$1.89800 & AU$1.89230 respectively) with a moderate decline between the two highs. iii. Even as sellers continue to make attempts to close below Neckline @ AU$1.878000 in the last two weeks, positive developments from the RBA incites a possible strength for the Aussie at least for the meantime as we anticipate a Breakdown of AU$1.87800 in the coming week(s). iv. In this regard, I have identified a supply niche around AU$1.88500/1.88740 - an area I suspect momentum for selling opportunity as below key level remains a comfortable zone to open a position. v. A successful Breakdown/retest of Neckline shall be an opportunity to add a position to our existing position. vi. For the meantime, I am assuming that the Bearish expectation might be a correction of the impulse leg (see weekly chart below) until proven otherwise...Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 3 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
1