GBPAUD Technical Analysis June 18/2018
GBPAUD Possible SELL/SHORT Trade Setup: GBPAUD on the Daily chart has clear possible bearish patterns which can be signalling for a move lower in the coming days and weeks. Traders should be watching to see if price will respect the 50 Simple Moving Average (Turquoise) and reverse off lower in the next coming days. If GBPAUD respects the moving average and is then followed by a move lower traders should then watch for a break below the green neck line of the possible Head and Shoulders bearish breakout pattern. If looking to sell GBPAUD, enter SELLS on the break below the neck line and watch for an extension lower and break below the purple bottom trend line of the possible channel pattern. Break below bottom of purple channel trend line will confirm bears will want to make newer lows below the October 2016 lows. Once SELLS are triggered below the neck line stops should be placed at the high of the right shoulder which has yet to form. Also watch for the possible brown bearish pattern where any pullback/retrace can be seen as another selling opportunity once the point D pullback towards the BC Fib. retracement 0.50% has formed. Don’t chase the trade. Let the trade come to you. Patience.
GBPAUD Daily Chart 6.18.2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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