GBP/AUD technical analysis
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V shaped reversal.
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Ascending trend line rejection.
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Weekly support.
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Target is W.
H3 MEGATREND MAs: Bullish
H4 chart GBP/AUD
1. Double top.
2. Ascending trend line.
3. Entry zone.
4. Target.
The GBP/AUD has made 156 pips for the last 14 days. It makes it a moderately volatile market and we can see that the scenario that I have been trading lately - buying the dips scenario.
We have PMI news today and the GBP could drop but after a drop we might be seeing a bounce again. We use news to get the better price for a trade!
The entry zone is 1.8050. We should see a move up from the entry zone and if the PMI data comes worse than expected then buying the dips will be another scenario if the price drops. Anyway, the market always follows trends and we should see the price moving up from the zone. We also have CBR emerging pattern so we should see a possible retest of 1.8083 and further continuation up towards the target. This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course. My Telegram group recently received 1 long signal on GBP/AUD. The trade is a part of a daily time frame which is clear and concise.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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