GBPAUD Daddy LONG Legs

Price on GBPAUD has been bullish since June of 2019, and has been on a healthy run to the upside since Jan 2020. Price peaked at 1.975xx and then dropped sharply to 1.926xx before dropping to 1.917xx just above major support. I believe that the current consolidation that has been accumulating since Feb 7 will produce another leg to the upside, at least to clap the previous high at the 1.94 mark. If we break above 1.94, then 1.96-1.97 are on the table for a double top at previous high. For this set up, I'd suggest stops below current support that has been tested nearly 4 times now at 1.9215. A true sell of will be a violation of the 1.911xx zone (break and retest. The I will consider this pair bearish. As of now, we have a long term uptrend still in tact.

Best of luck.

Commentaire:

GA popped 80 pips from when I called this 45 minutes ago.

Trade fermée manuellement:

Closed 112 pips on my position.