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GBP/AUD Potential Upward Movement

GBP/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.83072, 1.83267, 1.84000.

Key Support Levels: 1.82669, 1.82384, 1.82000.

1-Hr Chart:

The price on the higher time frame succeeded to break the key resistance level (now support) around the 1.82693AUD mark with the help of an engulfing bullish pattern near the support. This shows that the market is clearly controlled by the buyers where further movement to the upside could be seen in the coming hours.

GBP/AUD Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the bulls manage to break the bullish flag pattern to the upside and now the price traded above the key resistance area in a small range. The market found more bulls around the 61.80 % Fibonacci retracement which could lead to a move higher. Before this move a lower correction could be seen to the new support.

Signal Idea:

Buy Limit Order @ 1.82583

TP 1 @ 1.83046

TP 2 @ 1.83267

Stop Loss @ 1.82352

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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