Evening Traders,
Today’s analysis – GBPAUD- trading at a key support where a bounce into resistance is highly probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Respect
(.618 Fibonacci & 200 MA Confluence)
- Oscillators Neutral
GBPAUD’s immediate price action is impulsive, trading at local support where a bounce into the Daily S/R has a probability of being a bearish retest – allowing for a short bias.
The Daily S/R is in technical confluence with the .618 Fibonacci and the 200 MA, proving to be a strong trade location.
Both Oscillators are trading neutral, holding their respective bearish control zones will be indicative of weakness.
Overall, in my opinion, GBPAUD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee
Today’s analysis – GBPAUD- trading at a key support where a bounce into resistance is highly probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Respect
(.618 Fibonacci & 200 MA Confluence)
- Oscillators Neutral
GBPAUD’s immediate price action is impulsive, trading at local support where a bounce into the Daily S/R has a probability of being a bearish retest – allowing for a short bias.
The Daily S/R is in technical confluence with the .618 Fibonacci and the 200 MA, proving to be a strong trade location.
Both Oscillators are trading neutral, holding their respective bearish control zones will be indicative of weakness.
Overall, in my opinion, GBPAUD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee
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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.