GBP/AUD 4 Hour Long short play
I believe we will see a break of resistance at the 1.8239 area with a target of 1.83486. This is backed up by the fact that the channel we are currently in is bullish and has been for some time, the entry was determined by confluence of the 618 fib retracement level and the long standing support/resistance we have at 1.81784 which was recently rejected 3 times.
We are also setting up the BC leg of a gartley or bat pattern (although I'm not yet pro at these so who knows if I'm drawing them correctly).
Between the 1.83486 and 1.8398 levels I believe price should reverse to around mid way in the channel before resuming it's bullish movement. Of course anything past my current long position is currently only speculation. Current trade Risk/Reward ratio is 3.73 and I will be adding to the position if this resistance is broken with a strong move.
We are also setting up the BC leg of a gartley or bat pattern (although I'm not yet pro at these so who knows if I'm drawing them correctly).
Between the 1.83486 and 1.8398 levels I believe price should reverse to around mid way in the channel before resuming it's bullish movement. Of course anything past my current long position is currently only speculation. Current trade Risk/Reward ratio is 3.73 and I will be adding to the position if this resistance is broken with a strong move.
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