Pin bar on resistance line GBP/AUD is planing to resume its bearish trend rally after 4 days of bull trend.
GBPAUD.10 trade ideas
GBP/AUD Trade opportunityThe day chart of GBP/AUD indicates that the pair is currently in downtrend.
The pair made a strong downside move and is now currently making a retracement(50%).
It also coincides with the strong resistance zone and the pair is currently facing resistance based on price action.
Hence it is a good time to initiate a short trade.
GBPAUD Coming to Retest zone for SellGBPAUD coming to resistance zone to retest, we can see very very good selling opportunity from retest zone so look closely to sell this pair with the tat of 1.7700
A great opportunity to sell in GBPAUD . catch it..Midterm forecast:
While the price is below the resistance 1.8660, beginning of downtrend is expected.
We make sure when the support at 1.7995 breaks.
If the resistance at 1.8660 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Price may also reach 1.7995, if price reaches this level, we may enter by Daily-Trading-Opportunities, this entry depends on personal strategies.
Technical analysis:
A peak is formed in daily chart at 1.8475 on 04/26/2018, so more losses to support(s) 1.7995, 1.7650, 1.7365 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Trading suggestion:
*There is possibility of temporary retracement to suggested Sell Zone (1.8180 to 1.8510), if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (1.8180)
Ending of entry zone (1.8510)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 1.7995
TP2= @ 1.7650
TP3= @ 1.7365
TP4= @ 1.7065
TP5= @ 1.6860
TP6= @ 1.6550
TP7= @ 1.6160
TP8= @ 1.5790
TP9= @ 1.4375
TP10= Free
GBPAUD CONFLUENCEIn Daily we can see H&S may forming.For now we have to wait for better entriesNo fantasy 'Plan your trade, Trade your plan'.Keep your analysis as simple.
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GBPAUD Bat pattern in formation Waiting for price action to hit 0.88.6 level then hit our 38.2 level second TP we looking for price action to head long till our 61.8
breakout audgbpthe GBP may look as if it is fading and this is a very good breakout, the risk reward is 3.12
GBPAUD Might Go Down GBPAUD looks like gonna break resistance, risk is very small as compared to expected profit
BUY SETUPCurrent structure indicates we have bottoming and I expect move up soon.
We also have divergance on MACD.
You can try to go long after breakout of line marked on chart.
Good Luck !
Short Term sell Set up On GBPAUDHello Guys, There is a short term sell set up in the making on GBPAUD chart. Please see both Scenarios shown on chart. Stay Tuned for more updates. Happy Trading.
Neerav
