GBPAUD Technical Analysis 5.10.2018
GBPAUD Possible BUY/LONG Trade Setup: GBPAUD is forming a possible bullish inverted Head and Shoulders pattern (Purple). Traders should watch for a good strong break above the purple BUY breakout trend line. A good break above this level will send GBPAUD higher and can extend possibly to newer highs above the March 28/2018 daily high. There is already a bullish Cup and Handle Pattern (Green) that already triggered BUYS on March 16/2018 but it has still not yet reached the pattern target level around the 1.8880 area so this will also add more reason as to why the pair can possibly still breakout higher. If looking to BUY GBPAUD look to buy on a break above 1.8240 with Stop Loss at 1.7931 which is the low of the head of the inverted H&S pattern. If price moves lower before triggering the BUY trade then GBPAUD will definitely extend lower but as long as 1.7931 holds then a rally higher can be strongly possible. Only time will tell what the pair will do but as for now I remain bullish until otherwise. Trade what you see and squeeze the trigger if and when you see GBPAUD start to move higher. Trade safe.
GBPAUD 4 Hour Chart May 10/2018
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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