GBPAUD shorts

Aug 6

Here is why;
Monthly;

• Price broke a major monthly region at 1.9970 and in the process has formed a higher high which shows that price is bullish.
  
• The long term monthly targets, I believe are 2.0375
  
• However, that is not important for intraday trades
  

Weekly;

• Price broke a major region at 1.9500 and it is yet to retest that region.
  
• I believe that price will retest that region before we see any upside movement
  

Daily;

• Price formed a very long wick candlestick which shows me that price does not have enough orders to go to the upside.
  
• For this reason, I believe that some sell orders are due and price will inevitably retest the weekly region at 1.9500.
  
• However, if price does go lower, then the overall target is at 1.9435