GBPAUD Short term and Long term

7 mars 2019

On the left we can see a broadening triangle, which looks very legit. At this point it is against resistance again, so we could see some rejection. With a pattern like this, we usually don't see a big break right away. More often we see a drop first, see where buyers step in again and create a higher low before breaking up. On the left there is no weakness yet, but that previous red candle, with the wick, might be a sell signal already. If we don't just drop, there is still a chance to see a bearish wedge forming. If we see that small green support break withing the next 6/8 hours, we could see the start of a drop or a test of the support of that wedge. So this is an interesting one to keep an eye on, i think it give trades for bulls and bears when waiting for the right moment or pattern to play out.

7 mars 2019

Note

If we see this wedge play out on the left, we could make another move up inside the bigger wedge on the right.

8 mars 2019

Note

Broke up after my last update, but eventually kept hanging against that support line of the bigger wedge on the right (which is a sign sometimes). Anyway, made quite drop already, so we could see the green zone on the left get reached, instead of the tighter one on the right. Plan is still to turn long eventually, but first waiting for this drop to finish