GBPAUD: An upcoming CHANNEL'S BREAKOUT!
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🟢Forex Pair:
GBP/AUD
⚪Technical Analysis:
Since the 27th of January 2021, the price has been moving following an interesting ascending channel, once it got a strong bullish impulse on the level 1.77500, bouncing few times between its channel's lines.
Yesterday, the 2nd of February, the price re-tested an important weekly resistance zone, falling down again until the S/R zone at about 1.78800.
It is currently re-testing the same zone and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
There is a possibility to see the price moving up again, but I'm confident to see an upcoming bearish movement because the weekly resistance level at about 1.80000 rejected the price many times in the past.
In the daily perspective we still have a strong bullish movement but the RSI with 20 periods is currently showing us a clear divergence.
I'll be waiting for the price breaking through the channel before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/AUD
⚪Technical Analysis:
Since the 27th of January 2021, the price has been moving following an interesting ascending channel, once it got a strong bullish impulse on the level 1.77500, bouncing few times between its channel's lines.
Yesterday, the 2nd of February, the price re-tested an important weekly resistance zone, falling down again until the S/R zone at about 1.78800.
It is currently re-testing the same zone and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
There is a possibility to see the price moving up again, but I'm confident to see an upcoming bearish movement because the weekly resistance level at about 1.80000 rejected the price many times in the past.
In the daily perspective we still have a strong bullish movement but the RSI with 20 periods is currently showing us a clear divergence.
I'll be waiting for the price breaking through the channel before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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