Trading Idea Regrading GBPAUD Currency Pair 7/18/2021Right Now ,GBPAUD Encountering Massive Resistance Leading Towards Two Possibilities
1 - It Break This Resistance and After Retest It Will Move Towards 1.89800 Level
2 - It Retest The Range top Which is 1.84697 Level and Then Head Towards Break Out Resistance level
Gbpaudtrade
GBPAUD downtrend continuation1.8560 is an area of resistance. We see that the market failed to break the level and create a new higher high. Instead we see convincing price action that can make the market move lower. My bias is bearish on this pair. Market can move towards 1.8490 level and if it breaks below that level market will continually fall lower until it breaks the downtrend market structure.
Show of hands time. Who else is in GBPAUD buys 🙋♂️Morning traders.
Second idea of the day already.
Our script overnight has alerted a GBPAUD buy.
Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency.
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The stats for this pair are shown below too.
Thank you.
Darren
GBP/AUD short IdeaFundamental side of the idea :
The AUD by contrast is currently pressured alongside falling Iron prices. If these prices keep falling then AUD will face weakness. The Australian economy exports large amounts of Iron ore, so its price impacts the AUD.
On The Other side we are seeing Inflation climbing faster , and Metals are making new High , and that should serve and make AUD strong again .
Ultimately, the pound remains sensitive to the trajectory of UK inflation and the Bank of England’s monetary policy. UK inflation jumped to 1.5% in April from 0.7% in the prior month, though remains well below the BoE’s 2% target. There is certainly plenty of scope for the BoE to substantially tighten monetary policy should it view inflation as a threat, a development that could be significantly bullish for the pound. But we still Far away from that .
Technical side of the idea :
According to the technical analysis of the pair: So far, despite the weakness of the upward Trend , i am seeing a significant weakness on GBP , starting from forming a continuation pattern , to not breaking above some Fib Levels that were critical .
P.S : The weak US dollar provides some reason to be Bullish on the Australian Dollar .
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S.Sadki