GBPAUD - 1D - Range Breakout and Bull Run?
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Underlying:GBPAUD
Time frame:1D
First of all, the break out, You will see that GBPAUD was hitting support each time and bouncing. We then got a break out of the wedge in the last two weeks and a significant move away from it. You will see that the 50MA (red) is about to come and cross back above the 200MA (blue) which indicates a move higher.
If you look down to the MACD you will also see it has now crossed over well above the centre line and will stay here for the next week or so before making another move. I am buying this pair until it hits the first target which is previous support and resistance.
Underlying:GBPAUD
Time frame:1D
First of all, the break out, You will see that GBPAUD was hitting support each time and bouncing. We then got a break out of the wedge in the last two weeks and a significant move away from it. You will see that the 50MA (red) is about to come and cross back above the 200MA (blue) which indicates a move higher.
If you look down to the MACD you will also see it has now crossed over well above the centre line and will stay here for the next week or so before making another move. I am buying this pair until it hits the first target which is previous support and resistance.