GBPAUD has been in a downtrend since the 6th of April. In the following month, it has made a good supply zone which has been testing multiple times as you can see in the chart.
Now it is a high time as the volume is showing the upcoming uptrend as past few days the market is not ready to short so we can see a buying or bull sceneario here.
Please make your...
On the #GBPAUD we can see 2 ways....
the first is short because the indicator is setted in this way, wait the break of the lower tranding line and the retest if confirmed i'll go short to tp. 1.76
If the line 'll not broke i'll go to long with a shortterm position 4-8h and follow the trending line
just look for the resistance once it gives a breakout then we can see a retest and then an upward momentum, for an entry just wait for a retest, or if it goes strong bullish buy at the dip. if the resistance does not give a break out short the position after a retest a confirmation.
GBPAUD currency pair would show a retracement for short from 19-04-2021 and would further follow its down trade after its retracement. Please enter the market with a confirmation
Trading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (0.9672).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPAUD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a...
Price moving in parallel inside a range for a long time. Just before the Pandemic it breaks the range trapped all the long positions and fell badly and took the same support.
One can clearly identify the raising wedge pattern in the above analysis. This pattern exactly ends at the resistance levels !!!
