GBPAUD Technical Analysis 6.28.2018
GBPAUD Possible SELL/SHORT Trade Setup: GBPAUD on the 1 hour chart has broken out of a possible bearish pattern and a Momentum Price Action Breakout Pattern can be forming where bears can potentially push the pair lower. Traders should be watching to see if price respects the 50 Simple Moving Average (Turquoise). If GBPAUD respects the moving average and is then followed by a break below the blue SELL level (1.7786) it will allow more bears to sell off the pair triggering the Momentum Price Action Breakout Pattern (Blue) and confirming the bearish breakout pattern (Green) which have already triggered SELLS on the break below the purple trend line. If looking to sell GBPAUD, aggressive traders can now SELL at market with stop loss set at the high of green point B. Conservative traders can wait to sell on the break below 1.7786 of the blue Momentum Price Action Breakout Pattern with stops at the high of the green point D looking to hit targets below. Break above the green point B high will invalidate the bearish scenarios and the pair can extend higher but as long as the 1.7977 level holds, and price remains below it, then bears will remain in control.
GBPAUD 1 Hour Chart 6.27.2018
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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