Top down, I'm either or on this pair right now but, this pair has downside potential to -61 on the Fib. Lets see
GBPAUD Short, 4H breakout. Far away target yet achievable. Lets see
USD/JPY SHORT, break of the box it has settled in for the past few weeks. Looking for a close outside the box and a retest of the underside of this box or the supporting weekly trend line it has also broken before entering a 3:1 risk reward trade.
As you can tell my bias has changed on GBPAUD simply because it did not respect the counter trend line like I had expected it to. Now, we're waiting for a break and a retest of the thick black supporting trendline to see out 1:3.5 R/R Short entry.
Depending on how this unfolds we could potentially see a huge swing move to the upside. Essentially a break and retest of one of 2 zones, resisting trend line or monthly resistance. I am unsure what is happening fundamentally but this move may not happen at all. After minor top down (basically may have missed something) I can see this moving roughly 8-900 pips up...
Probably an ambitious target but hey, we have it simple, break and a retest of previous resistance trend line, rejection of the 50% and -27% looking at a 500+ pip long here. Almost forgot to mention the bullish engulfing candle on the daily closing above previous support. Has created is Higher Low, Perhaps on to new Higher Highs.