Hello,
My idea on GBP/AUD for this week.
I've noticed that this pair just reached the zone around its previous highs from the daily. I underlined this as a resistance and I also noticed that this reach has been made with some big retracements on its way up. Maybe it looks like a channel on smaller time frames. However, I am looking to short this but as far as possible from the current 1.7650. It is still a daily support and the price respected this zone many of times and it still could be a problem.
Furthermore, it could be channel trendline support. So, this will be my first target area in case I get a good price, the main target would be around 1.7500 or the recent low. Depends on the movement.
Good luck :)
My idea on GBP/AUD for this week.
I've noticed that this pair just reached the zone around its previous highs from the daily. I underlined this as a resistance and I also noticed that this reach has been made with some big retracements on its way up. Maybe it looks like a channel on smaller time frames. However, I am looking to short this but as far as possible from the current 1.7650. It is still a daily support and the price respected this zone many of times and it still could be a problem.
Furthermore, it could be channel trendline support. So, this will be my first target area in case I get a good price, the main target would be around 1.7500 or the recent low. Depends on the movement.
Good luck :)
Comment:
Looking to sell around 1.7765. I like the slow movement. Let's see if we can get that price.
Comment:
It dropped nicely from the second breached zone. However, I didn't have a chance to get in since I expected a higher price.