GBPAUD 61.8% Retrace

5 Jan 2021

Caught this move on the anticipated relief into my 61.8% retrace zone. Shorts were executed on a 3Min candle (bearish engulfing) . Because the trend was so heavily bearish I knew to enter on the first touch of my zone, Took profits off at first extension of my FIB which aligned with the previous swing "wick" to the downside. I will be looking at how price reacts off the 48EMa (current dynamic resistance) to see if this pair will be dropping to new lows or finding its feet to create a larger deeper correction.