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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.6976, 1.7051, 1.7134

Key Support Levels: 1.6851, 1.6785, 1.6702

Daily Chart:

The price on the higher time frame has been in a downtrend for quite some time and recently it broke a consolidation zone between 1.7814 and 1.7271. It has also broken a minor level of 1.7030 after forming a few rejection wicks which shows a bearish bias.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has recently broken the lower range of a consolidation zone at 1.7051 and sustained below that. It has also now broken and retested a minor level of 1.6976 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.6928

TP 1 @ 1.6862

TP 2 @ 1.6796

Stop Loss @ 1.6994

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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