GBPAUD Daily S/R| Bullish Divergence| .50 Fibonacci| Local S/R
Evening Traders,
Today’s analysis – GBPAUD- breaking below Daily S/R, any pull backs into it is now considered bearish.
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Resistance (.50 Fibonacci)
- Valid Divergence
- Increasing Volume
GBPUSD’s immediate price action is impulsive under resistance; this allows us to have a bearish bias on the market.
The Local S/R is current support that is likely to be tested once a bearish retest confirmed from the Daily S/R
The Daily S/R has technical confluence with the .50 Fibonacci, thus a rejection upon first attempt is plausible.
Currently there is a valid bullish divergence at play with increasing volume. This increases the probability if an influx into daily resistance leading into bearish continuation.
Overall, in my opinion, GBPAUD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota
Today’s analysis – GBPAUD- breaking below Daily S/R, any pull backs into it is now considered bearish.
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Resistance (.50 Fibonacci)
- Valid Divergence
- Increasing Volume
GBPUSD’s immediate price action is impulsive under resistance; this allows us to have a bearish bias on the market.
The Local S/R is current support that is likely to be tested once a bearish retest confirmed from the Daily S/R
The Daily S/R has technical confluence with the .50 Fibonacci, thus a rejection upon first attempt is plausible.
Currently there is a valid bullish divergence at play with increasing volume. This increases the probability if an influx into daily resistance leading into bearish continuation.
Overall, in my opinion, GBPAUD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.