GBPAUD has been in an uptrend and has now reached a key resistance zone.
We can see by looking at price action that the higher lows and higher highs uptrend has begun to lose steam.
When we tested the resistance zone, we created a double top which is an important reversal pattern indicating exhaustion of the current trend.
We have a swing level here at the support zone of 1.8900.
Awaiting for a break and close below this zone before entering. Ideally, would like to see a bit of a bounce up before being sold off giving us a lower bounce and a lower high to work with.
There is a flip zone at 1.8750 which I would target and see how price reacts here.
We can see by looking at price action that the higher lows and higher highs uptrend has begun to lose steam.
When we tested the resistance zone, we created a double top which is an important reversal pattern indicating exhaustion of the current trend.
We have a swing level here at the support zone of 1.8900.
Awaiting for a break and close below this zone before entering. Ideally, would like to see a bit of a bounce up before being sold off giving us a lower bounce and a lower high to work with.
There is a flip zone at 1.8750 which I would target and see how price reacts here.
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.
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.