False breakout after contraction identified.
Retest of the 0.618 level is happening and most likely to reach 79% retracement.
Wait for confirmation in these areas and go long
Price has broken out of consolidation (triangle).
Price will retest before the move towards target
Target is 1.8400
Trend is up and market will continue in that direction
This analysis is not the holy-grail but per my experience of trading for some years now, i can see a high trading setup to short gbpaud in a short timeframe. However, traders can
wait for the break of the consolidation and find a good signal for entry.
Reason for my short term shorting opportunity:
1. Price at a significant resistance level
2. Previous evidence...
Looking out for price to retest the resistance trendline since the downtrend was broken. Price is likely to continue in uptrend after the retest has happened. Goodluck guys
A descending triangle pattern has been captured and over the past, price has respected the trend line as well the support level.
Price will continue in the triangle in a zig-zag manner between levels of s/r before a change in direction.
