BabyPips.com FX-Men Team
BabyPips.com
GBP/AUD: 4-hour
As always, I’ve got my favorite break-and-retest play on today’s canvas with this pullback on GBP/AUD’s 4-hour forex chart. The pair is currently testing the resistance around the 38.2% Fibonacci retracement level and is showing a bearish divergence, as stochastic made higher highs while price made lower highs. A higher pullback to the 50% Fib near the broken support at the 2.1400 major psychological level and the 100 SMA might still be possible but if the pair is ready to resume its drop from the current levels, another move towards the previous lows at 2.0800 might be seen. The 100 SMA is below the 200 SMA anyway, which means that a downtrend is in play. Better check if this setup meets the 9 Rules for Trading Divergences before jumping in!
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