GBPAUD looks to be retracing back to a level of support/resistance after taking out the double top to the left. This is either going to be a break in market structure or a stop hunt and until we have seen how the pair retraces we can not make an educated decision whether to buy or sell.
Looking at GBPAUD, we have seen a break of the high to the left whilst respecting daily market structure as indicated by the first arrow at the 0 fib. From this, it would seem appropriate for the pair to correct back to one of the Fibonacci retracement levels perhaps the 50/61.8 to gather any final orders that may reside there before continuing to the upside.
USDCAD has been pushing down creating nice bearish price action as it goes. It has now taken out the relevant low to the left (break in market structure). As expected the pair has now retraced slightly up to our fib levels to hopefully continue pushing down.
USDCAD has been pushing down from the high since september the 30th and has had no issue taking out every previous level of "support & resistance" /order bank /supply zones or whatever people like to refer to them as. We have now seen a break of the most relevant low with a clear retest potentially forming a double top as it does so. From this I am anticipating...
USDJPY trade forecast. We have broken and closed above the high and are now waiting for a retest to push further.