PAIR IN FOCUS: GBPAUD
BIAS: BEARISH
Price has broken from a mid-term ascending trend line and retested it. We can see that after the ascending trend line has been broken, price continued to break below a structure support. We may see a retracement to the area marked out, before the next bearish wave. We can draw a descending trend line based off the lower highs to see if the bearish momentum is still in play.
There are multiple confluences in that area which makes it a good area of entry if price rejects off it: structure resistance, descending trend line and Fibonacci 50 retracement level. Most importantly, watch for bearish price action in that area before considering any shorts.
Let's see how this works out! Cheers!
BIAS: BEARISH
Price has broken from a mid-term ascending trend line and retested it. We can see that after the ascending trend line has been broken, price continued to break below a structure support. We may see a retracement to the area marked out, before the next bearish wave. We can draw a descending trend line based off the lower highs to see if the bearish momentum is still in play.
There are multiple confluences in that area which makes it a good area of entry if price rejects off it: structure resistance, descending trend line and Fibonacci 50 retracement level. Most importantly, watch for bearish price action in that area before considering any shorts.
Let's see how this works out! Cheers!