Bullish idea or GBPAUD. Price found resistance at .9200 level after breaking through our support at .8980
Currently price has shown strong bearish momentum, and is sitting around the 61.8 fib retracement level. If price respects the 61.8 and shows buying pressure we can begin looking for long positions.
However if price does not respect our 61.8 level we can continue looking for sells until our next support level at 8761.
Chart analysis is color coded:
Black levels- daily time frame
Blue levels- 4HR time frame
Red levels- 1HR & below
Currently price has shown strong bearish momentum, and is sitting around the 61.8 fib retracement level. If price respects the 61.8 and shows buying pressure we can begin looking for long positions.
However if price does not respect our 61.8 level we can continue looking for sells until our next support level at 8761.
Chart analysis is color coded:
Black levels- daily time frame
Blue levels- 4HR time frame
Red levels- 1HR & below