GBPAUD longMonthly;
Head and shoulder formation. Price has tested the shoulder at 1.8900.
The thesis on the month for now is buy. The next noticeable and respected region is 1.9250
Weekly;
Price collected a lot of buy orders at 1.8600 and there was a rush of momentum up to 1.9500.
I can tell that the main price target was at 1.9750 and price has shown that it wants to break the resistance region at 1.9550 but it has failed in multiple attempts.
Hence, price had to retrace and go collect orders from a different liquidity zone.
As we can see price went all the way to 1.8900, where it consolidated for two weeks (evident due to the two doji candles), so as to collect buy orders.
Two weeks ago, a lot of orders were filled and price closed above 1.9100.
The previous week saw us retest 1.9100.
This week we have tested 1.9100 again so price is headed upwards.
The next target is 1.9290.
Daily;
We can see price consolidated at 1.8900 where orders were collected and a rush of buy orders saw price explode upwards.
27th to 29th May 2024, saw price retest at a major buy region at 1.9195.
However, price was unable to close above or break through the 1.9215 handle and it went all the way back to 1.9100 to collect orders on 31st May 2024.
Yesterday, price spiked 1.9100 again and a rush of bullish momentum is evident.
The next daily targets are 1.9290. This is evident cause price has closed above a daily region at 1.9180
4 hour;
On Friday, price tested 1.9100 and headed upwards.
Asian session on Monday saw price gap towards 1.9120, which is a 4 hour region since there is a body closure there.
Price went up until early London session where we saw price gain bearish momentum
Price closed below Friday's low. This tells me that stops were hit. Hence, price gained enough liquidity for it to rapture upwards.
We saw a rejection of 1.9170, however, price managed to close above the resistance area.
I know that price is headed upwards, however, I have not pinpointed a perfect entry point to capitalize on the move.
