GBP/AUD – Opportunity for SHORT

Currency pair: GBP/AUD

Timeframe: 1d/4h

Expectations: Downward movement after the test

Comment: On the 1d chart, the price has broken the main trend line in a downward movement, followed by a return for a test of former support and current resistance.
Entry 4h after refining the bars. Expecting a pinbar – a falling star or engulf bear candle, will be a signal to enter.
DeMark shows a downward turn in the overbought area.

Stop Lose can be placed above the resistance level at a price of around 1.96
First goal – a previous bottom, as part of the profit can be closed.
After a good move in our favor, the second goal is to close some of the profit and pull the SL at a price of 1.85.

GBP/AUD 4h chart

Alternative scenario: The price breaks the resistance level of the main uptrend of 1d chart, returning to its basic bullish range of motion.

GBP/AUD 1d chart

 Junior Trader Daniel Dimitrov

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance