GBPAUD decisively broke the up trend line and now on a potential direction going down hill, the impulsive move on last Friday was contributed by the dollar weakness I believe.
I did have a long setup on Friday which got stopped out by the sudden drop with some good profits. By the look of it, I believe GBPAUD is due for a correction for at least 0.3 - 0.5 fib recovery.
Note: I'm on a 15mins chart for a quick hit and run setup, but it's been a weekend so the price may have either moved higher or lower.
I will not enter if the price moved below Friday's low which is 1.81121; neither will I enter if the price has already gone up above 1.883
SL: very tight one as I believe it has reached to its next strong support zone and may bounce hard (or drop harder :D )
TP: Fib based. If dollar strength come back causing AUDUSD retrace significantly it might clim higher. both GBPUSD and AUDUSD currently are facing a strong resistance/supply zone just so you know.
GL and wish we all a brilliant week start.
I did have a long setup on Friday which got stopped out by the sudden drop with some good profits. By the look of it, I believe GBPAUD is due for a correction for at least 0.3 - 0.5 fib recovery.
Note: I'm on a 15mins chart for a quick hit and run setup, but it's been a weekend so the price may have either moved higher or lower.
I will not enter if the price moved below Friday's low which is 1.81121; neither will I enter if the price has already gone up above 1.883
SL: very tight one as I believe it has reached to its next strong support zone and may bounce hard (or drop harder :D )
TP: Fib based. If dollar strength come back causing AUDUSD retrace significantly it might clim higher. both GBPUSD and AUDUSD currently are facing a strong resistance/supply zone just so you know.
GL and wish we all a brilliant week start.
