GBPAUD: Surgical buy and sell trades until the Channel breaks.

19 Jul 2023

GBPAUD is trading inside a Channel Up and the recent rejection on its HH trendline has turned the 1D timeframe neutral technically (RSI = 51.719, MACD = 0.007, ADX = 31.058). This is a sell signal which on the short term extends to the 1D MA50 (TP1 = 1.891500). If the price action closes a candle under the 1D MA50 and the HL trendline, we will sell again, targeting the bottom of the Channel Up (TP2 = 1.8800).

Any holding of the 1D MA50 or the bottom of the Channel Up, will be a buy signal which targets the 0.5 Fibonacci level from each bottom.

If the price closes under the Channel Up, we will sell for a third and final time, aiming at the 1D MA200 and S2 (TP3 = 1.84000).

Prior idea:

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