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Gbpaudtrade

GBPAUD LONG setupAlways got to be wary going LONG on the GBP in the current economic climate but from a technical standpoint GBP/AUD looks a reasonable LONG trade from these levels now supported by 2 key trend lines. The channel shown that GBPAUD has been trading in for the last 2 weeks has finally been breached and price could now be supported by the top the channel and the lower rising trend line.My entry is 1.8088 with a STOP at 1.8058 and an initial target of WR1 pivot at 1.8342. No schedule news today to get in the way of this trade though GBP as ever will be at the mercy of supposition and rumour. Looks a decent set up for a 30 pip risk.
Long
by theforexportal
1.8050 - the edge of the abyss for GBPAUDThe blue line on this GBPAUD chart at 1.8050 marks the edge of the abyss. This area has been tested 3 times previously this June but is a historical area of support and resistance. Where we go from here the markets will decide but a break south could see a large move down for GBPAUD with little support below for the next 500 pips. There's little joy for GBP BULLS across the board so you would expect that this key 1.8050 level would break but as the markets frequently do the exact opposite that you'd expect, I wouldn't be betting too heavily on a GBP SHORT from this level. We are at a place in the market where a straddle would have a chance. Set a LONG trade at 1.8070 and a SELL trade at 1.8030 with stops above and below 1.8050 for a 20 pip risk. The Momentum Indicator has crossed down over the 50 sma and we are trading under 100 so don't expect any strong moves just yet. I expect to see some sideways movement with the markets waiting for some fundamental news to set direction.
by theforexportal
GBP/AUD Ichimoku Long Trade SetupThis is a little bit of a longer term move I'm watching. I'm looking for a bullish breakout for a chance to get long. We'll have to keep an eye on this as it progresses as it's still just an idea and needs to develop a little more. If chikou span falls below price then this may move back to bearish and we can shift our bias. If we do get our bullish breakout I've drawn out a few potential partial take profit levels to aim for on the way to the overall target. If we fail to get the bullish breakout, this setup will become invalidated.
Long
by The808Trader