19 Jan 2016

GBP/AUD MAY BE PREPARING FOR A MOVE HIGHER

GBP/AUD WEEKLY

On the weekly chart we can see the rate has bounced higher from a almost-three-year rising trendline support and is now testing the resistance of the falling channel formation the rate has been stuck in since August 2015.

My bias is now higher, however a propper good entry is my biggest concern.


GBP/AUD H4

The shorter timeframe shows the rate has formed an inverse head and shoulders formation with the falling channel's resistance acting as the neckline.

I will be looking for a channel breakout above the most recent test of the trendline at 2.0910.

The stops should be place below the right shoulder below 2.0480 and the target - the 2015 highs around 2.2400



For deeper knowledge on how the Forex market works and how to trade it simple check out our Forex Online School

If you don't want to miss any new trade ideas and updates, subscribe to one of our Trade It Simple Signal Service Plans and receive in your E-mail:
  • Entry details
  • Take-profit details
  • Stop-loss details
  • Trade updates
 SUBSCRIBE HERE!

0 comments :

Post a Comment