GBPAUD has closed above the previous weekly levels of 1.953 last week. This closure gives confidence to me as to the direction of GBPAUD is still bullish. The next weekly target would be 1.9755.
On the 4H, the previous few candlesticks spiked into 1.95236. This gave hints that 1.95236 is a temporary support level and if broken, we could see a reversal on GBPAUD into bearish.
The Fib retracement on the daily does suggest a Bearish move to the downside of 1.90040. Stops for GBPAUD Long would have to be placed tight.
Bias: Long
Target price : 1.9755.
Entry prices: 1.953 - 1.955
On the 4H, the previous few candlesticks spiked into 1.95236. This gave hints that 1.95236 is a temporary support level and if broken, we could see a reversal on GBPAUD into bearish.
The Fib retracement on the daily does suggest a Bearish move to the downside of 1.90040. Stops for GBPAUD Long would have to be placed tight.
Bias: Long
Target price : 1.9755.
Entry prices: 1.953 - 1.955