Analysis –
Let’s take a look at GBP/AUD as we could take a nice 200 pip swing trade if price gives us the bearish opportunity we are suggesting.
Analysing GBP/AUD we can see the since the start of the year this pair has been on bull run peaking as high as 1.910. Now I am not seeing the signs that the longer-term bull run is over however we do expect some short-term selling and we will look to take advantage of this.
Looking at the 4hr chart we can see that price has broken our major ascending daily trend and we have since broken the corrective 4hr ascending trend. Price now looks like it is going through a consolidation phase, we will be monitoring closely to see the market show an impulsive move through our downside structure where we will then be monitoring the lower time frame to take advantage of this 200 pip move to the downside towards the previous swing low.
As always, I’d love to hear your thoughts on the US Dollar Index and what your outlook is. Let me know in the comments below.
Hope you have had a profitable week in the markets, and it continues through into next week.
The Fx Chartist
Let’s take a look at GBP/AUD as we could take a nice 200 pip swing trade if price gives us the bearish opportunity we are suggesting.
Analysing GBP/AUD we can see the since the start of the year this pair has been on bull run peaking as high as 1.910. Now I am not seeing the signs that the longer-term bull run is over however we do expect some short-term selling and we will look to take advantage of this.
Looking at the 4hr chart we can see that price has broken our major ascending daily trend and we have since broken the corrective 4hr ascending trend. Price now looks like it is going through a consolidation phase, we will be monitoring closely to see the market show an impulsive move through our downside structure where we will then be monitoring the lower time frame to take advantage of this 200 pip move to the downside towards the previous swing low.
As always, I’d love to hear your thoughts on the US Dollar Index and what your outlook is. Let me know in the comments below.
Hope you have had a profitable week in the markets, and it continues through into next week.
The Fx Chartist