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
Comment:
4h time-frame POV:
Comment:
Currently +263 pips in profit. I strongly believe price will reach 1.592 in the next week or two.
Comment:
Bearish engulfing candles closing soon on the daily and weekly time-frames.
