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GBP/AUD Potential Downward Movement

GBP/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.85596, 1.86119, 1.86296.

Key Support Levels: 1.84322, 1.83679, 1.8300.

Daily Time Frame:

The price on the higher time frame posted a correction near the 1.86000 AUD mark and failed to break the highlighted zone to the upside. We have seen as well a doji candlestick showing that the market could reverse near this area.

GBP/AUD Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price posted a head and shoulders signaling a potential reversal where it entered a bearish flag formation after finding sellers near the 50% Fibonacci retracement level. A higher correction could be seen to the lower end of this pattern before a new bearish impulsive wave toward the target profits.

Sell Limit Order @ 1.85596

TP 1 @ 1.84352

TP 2 @ 1.83679

Stop Loss @ 1.86221

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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.

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