GBP/AUD Long Around 1000+ PIPS

٢٧ نوفمبر ٢٠٢١

We have hit the GBP/AUD 1.8800 Supply zone and will see rejection down to the 1.8500 Demand zone. When looking at the daily time frame we can see that the resistance line has been broken as well as a engulfing bullish candle closing above the 50MA and 200MA. I would wait for a retracement to the 200MA (Around the 1.8500 demand zone) on the daily and then enter a long position with the TP at the next supply zone of 1.9800. This is a long term trade and I expect to hold this for up to two weeks! This is around a 1:2 trade ratio. The SL is bellow the major trendline as well as bellow the two MA's! giving 3 levels of solid resistance!
Happy trading!
David:)