Long
GBPAUD correction needed - another long in shorts. :)
GBPAUD decisively broke the up trend line and now on a potential direction going down hill, the impulsive move on last Friday was contributed by the dollar weakness I believe.
I did have a long setup on Friday which got stopped out by the sudden drop with some good profits. By the look of it, I believe GBPAUD is due for a correction for at least 0.3 - 0.5 fib recovery.
Note: I'm on a 15mins chart for a quick hit and run setup, but it's been a weekend so the price may have either moved higher or lower.
I will not enter if the price moved below Friday's low which is 1.81121; neither will I enter if the price has already gone up above 1.883
SL: very tight one as I believe it has reached to its next strong support zone and may bounce hard (or drop harder :D )
TP: Fib based. If dollar strength come back causing AUDUSD retrace significantly it might clim higher. both GBPUSD and AUDUSD currently are facing a strong resistance/supply zone just so you know.
GL and wish we all a brilliant week start.
I did have a long setup on Friday which got stopped out by the sudden drop with some good profits. By the look of it, I believe GBPAUD is due for a correction for at least 0.3 - 0.5 fib recovery.
Note: I'm on a 15mins chart for a quick hit and run setup, but it's been a weekend so the price may have either moved higher or lower.
I will not enter if the price moved below Friday's low which is 1.81121; neither will I enter if the price has already gone up above 1.883
SL: very tight one as I believe it has reached to its next strong support zone and may bounce hard (or drop harder :D )
TP: Fib based. If dollar strength come back causing AUDUSD retrace significantly it might clim higher. both GBPUSD and AUDUSD currently are facing a strong resistance/supply zone just so you know.
GL and wish we all a brilliant week start.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.