GBPAUD 4H Timeframe Analysis
GBPAUD 4H Timeframe Analysis
Technical Analysis:
On the 4-hour timeframe, price remains in an uptrend, forming higher highs and higher lows. We observed a retest of two minor key support levels at 1.9900 and 1.9980, followed by a breakout above the minor key resistance at 2.0060. However, this breakout turned out to be a false move, as price retraced, hunting buy stop losses placed within the liquidity zone.
Price Action Expectation:
Now, price is attempting to break the minor key resistance again at 2.0060. Since liquidity has already been formed, our objective is to wait for a confirmed break of this level. Once that happens, we will place a buy stop order at 2.0070, with:
Stop Loss (SL): 1.9963
Take Profit (TP): 2.0285
This setup aligns with the overall uptrend and liquidity formation, giving us a strategic entry point once confirmation is established.
Fundamental Outlook:
GBP: Strengthened by positive UK economic data and potential Bank of England rate hikes, supporting GBP demand.
AUD: Weighed down by slower economic growth in China and a potential slowdown in RBA tightening, making the AUD weaker.
Risk Sentiment: A risk-off environment could benefit GBP over AUD due to the latter's sensitivity to global market sentiment.
Disclaimer: Trading involves substantial risks. Always consult a financial advisor before making trading decisions.
Technical Analysis:
On the 4-hour timeframe, price remains in an uptrend, forming higher highs and higher lows. We observed a retest of two minor key support levels at 1.9900 and 1.9980, followed by a breakout above the minor key resistance at 2.0060. However, this breakout turned out to be a false move, as price retraced, hunting buy stop losses placed within the liquidity zone.
Price Action Expectation:
Now, price is attempting to break the minor key resistance again at 2.0060. Since liquidity has already been formed, our objective is to wait for a confirmed break of this level. Once that happens, we will place a buy stop order at 2.0070, with:
Stop Loss (SL): 1.9963
Take Profit (TP): 2.0285
This setup aligns with the overall uptrend and liquidity formation, giving us a strategic entry point once confirmation is established.
Fundamental Outlook:
GBP: Strengthened by positive UK economic data and potential Bank of England rate hikes, supporting GBP demand.
AUD: Weighed down by slower economic growth in China and a potential slowdown in RBA tightening, making the AUD weaker.
Risk Sentiment: A risk-off environment could benefit GBP over AUD due to the latter's sensitivity to global market sentiment.
Disclaimer: Trading involves substantial risks. Always consult a financial advisor before making trading decisions.
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