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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.91286, 1.95159, 2.02522.

Key Support Levels: 1.89733, 1.87752, 1.85224.

Daily Chart:

The price on the higher time frame faced a strong resistance around the 1.91286 USD and a doji bar has been posted which led to a move lower. We are expecting to a further movement to the downside in case the sellers continue to control the market.

GBP/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price managed to break the bullish channel to the downside by posting a double top formation near the resistance. the price is expected to post a higher correction to the highlighted zone before an impulsive wave to the downside.

Signal Idea:

Sell Market Order @ 1.90542

TP 1 @ 1.89767

TP 2 @ 1.87752

Stop Loss @ 1.90858

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

6 comments

  1. Which broker are you using.. I want to avoid the price difference and join VIP

  2. is the signal sell limit or sell stop?

  3. Nice Head and Shoulders pattern Joe!

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