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GBP/AUD Potential Upward Movement

GBP/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.8659, 1.8717, 1.8750      

Key Support Levels: 1.8512, 1.8470, 1.8430

Daily Chart:

The price on the higher time frame managed to break the strong resistance (now support) around the 1.8512 USD mark. This shows that the buyers overwhelmed the sellers especially that the breakout came along with several daily candlesticks above the strong resistance.

GBP/AUD Medium-Term Trend: Bullish

4-Hours Chart:

On the lower time frame, the price is traded inside a wedge formation which shows that a continuation of the main trend will be seen after the breakout of this pattern. A lower correction could be seen to the strong support before a rally all the way up.

Signal Idea:

Buy Limit Order @ 1.8514

TP 1 @ 1.8656

TP 2 @ 1.8717

Stop Loss @ 1.8469

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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