GBPAUD Technical Analysis 4.17.2018
GBPAUD has been trending higher since the pair found a bottom at the October 7/2016 low where GBPAUD reversed and bounced higher. Traders should remain looking for setups to BUY GBPAUD and should continue trading with the trend not against it. At the current moment there are a couple signs that are signalling that GBPAUD can possibly continue higher. On the 4 hour chart below, the pair has clearly broke above the possible bullish triangle pattern (black) and price should eventually continue higher within the coming days and weeks. There is also a clear visible bullish pattern (blue) that triggers BUYS at the BC 0.50% Fib. retracement level. If price can reach the BC 0.50% Fib. retracement level or below, it is highly possible that bulls will be waiting in this area to push GBPAUD higher. Watch for possible support at or below the BC 0.50% Fib. level (1.8355 – 1.8305 zone). If GBPAUD finds support in this zone watch for the bounce and rally higher above the 1.8505 March 28/2018 high and then head higher towards the 1.88 handle. If looking to BUY GBPAUD traders should be patient and wait for price to make a move lower towards the blue BC 0.50% Fib. retracement level. Waiting for price to hit the blue BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bullish pattern is invalidated if price moves below the point B level of the pattern.
GBPAUD 4 Hour Chart 4.17.2018
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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