GBPAUD long- Price on the 3 month timeframe is very bullish as there are consecutive higher highs.
- Price on the monthly is bullish as well since August's month candlestick broke above a high.
- With this in mind, we know that price is just collecting orders before we see a move upwards.
- My monthly targets would be at 2.0365
- Two weeks ago, the week's candlestick broke above the body closure of the previous major region at 1.9655. However, we can tell that orders were not enough to take price higher. That is why last week's candlestick ended up bearish.
- This tells me that price is simply collecting orders for a bullish move.
- On the daily, two things happened.
- First, price broke above a major liquidity region at 1.9590. After breaking the region, price never tested that level before going upwards. What this tells me is that wanted to go higher but was unable and hence, it went to the 1.9500 psychological level.
- We see that price took orders from the 1.9500 psychological as is evidence from the three pin pattern and double bottom on the 4 hour timeframe. If price breaks above yesterday's high at 1.9605, the next targets would be at 1.9635. The 4 hour target would be at 1.9620.
- As of now, I sit on my hands as I wait for price to head upwards
