GBPAUD - Bearish Engulfing
GBPAUD has formed a small bearish engulfing on the daily time-frame. Price is failing to close above the middle Bollinger Band (20SMA) indicating that the down-trend is still valid and very strong. A significant bearish engulfing closed on the 4H time-frame confirming this trade setup. I will post an image of my 4h chart below. I believe that due to the strong selling pressure, price failed to reach the support trend-line before quickly breaking down. SL set above previous highs. TP set slightly above previous support. On the weekly time-frame, price made new lows the week of 7/17, then appears to pullback re-testing previous resistance levels.
Trade active
Note
4h time-frame POV: Note
Currently +263 pips in profit. I strongly believe price will reach 1.592 in the next week or two.Note
Bearish engulfing candles closing soon on the daily and weekly time-frames.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.