Long

GBPAUD Broken Out of Its BEARISH Trend...Long Opportunity!!!

Lets look at a longer term picture of GBPAUD, what you can see it bulling till a high of 2.0800+ price level before we start seeing a BEARISH trend which brings us all the way down to this price level now. If we look at Fibonacci Retracement for that BULLISH movement to 2.0800+ level, we can see that BEARISH movement now is reaching close to 61.8 fib level which I believe we will see a bullish reversal soon. If we were to look at the recent BEARISH movement from GBPAUD, we can see that it have been obeying the trend line I drawn pretty well but recently, we saw a breakout of this trend line. This could signal to me a possible BULLISH movement can happen soon. Not only that, there is a support level @1.7890 where I believe is also near the area where price will retest the broken BEARISH trend giving us a possible good risk to reward BULLISH climb. I will see this BULLISH movement moving till 50.0 fib level (new fibonacci retracement drawn for the BEARISH movement), of which near this area there will be a rather strong resistance level @1.9750. Thus, I will see BEARISH movement start to form at my resistance zone (Red area) if a bullish retracement is to occur.

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YGForex

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YGForex