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GBP/AUD Potential Upward Movement

GBP/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.8135, 1.8247, 1.8404

Key Support Levels: 1.8009, 1.7854, 1.7825

Daily Chart:

The price on the higher time frame was in a clear uptrend where it is bouncing inside a bullish channel formation. Recently, the price posted a correction count to the daily support around the 1.8009 USD mark.

GBP/AUD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish flag pattern which is reflects that the price is forming a correction count. We expect that the price will tumble toward the area of confluence which is made of the daily support, the lower end of the channel, and a 61.80% Fibonacci retracement level. This could lead to a move upward in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.8024

TP 1 @ 1.8116

TP 2 @ 1.8247

Stop Loss @ 1.7978

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.

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