From my last post on this pair, we did see that push to the downside based on a couple of economic factors. First the speculation of the RBA cutting rates did not occur like I suspected. Instead the rates were held in at 1.50%. Keep in mind we know the RBA will cut rates and now we might see that come in as early as next month as they have now stated 3 rate cuts...
I have here a simple setup using the RSI. If you take a look at the ascending trendline then you'll see that it broke below it and is going for a retest. This does not mean that it's going to be in a downtrend but it will be a small short down to the necklines.
Look for a flag on a lower time frame and wait for a deeper correction before the big down move.
Following up on last week Monday analysis for the GBP/AUD currency pair. Bulls strengthened their position as expected and moved past the 200– hour simple moving average at 1.7782. However, after hitting the weekly pivot point at 1.7973 on June 19, the currency pair made a brief retracement south. Meanwhile, a new junior ascending pattern has been spotted and...
GBPAUD is testing its resistance at 1.7916 (50%, 61.8% & 76.4% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse, causing price to fall to its support at 1.7724 (38.2% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur. We...
hi all this pair is trading up to downtrend but needs a breakout of this triangle to confirm if it will go higher or back to testing the downtrend line
As I mention in my analysis last week, my long term bias on GA is pretty bearish. Last week, we came all the way to 1.7700 to test the 0.618 Fibonacci level. After that, GA formed a evening star candle, with extreme bearish close on Friday. I will expect some futher down side momentum on this particular pair, 1.72500 will be my first target. Depend on the price...
GBP/AUD now in reverse, 3 take profit lines for the long run.
A lot of consolidation going on for the past couple of weeks. It is looking for the proper direction. If it breaks upwards, it will go to 2.0+ but my bias is a downward move. AUD has been sold off aggressively across the board and Sterling will be tested with the General Election coming up. The conservative party is losing some steam. This is not the most liquid...
Today's candle is not yet complete, but as of now, it appears there is a double doji shaping up on the daily candle. Moreover, this is occurring at support in an uptrend. As such, I put in an entry order to go long at 8530, with my stop at 8285 (just below the lows of the double doji) and my target profit at 8620. I'm risking 65 pips to gain 270, which gives me a...
Two advanced patterns completes within 4 pips from each other.
We have falling channel in play (could it be also falling wedge). RSI shows that price action is under pressure. My opinion here is we could experience upside break down. However as the opposite could also happen SL should be reasonable tight here.