GBPAUD has nullified the Head and Shoulder's pattern that was previously identified after failing to confirm on the weekly candlestick last Friday. Many lines have been removed, 1 new one has been added. It now appears that the long term bullish GBPAUD analysis might soon be ready for liftoff.
Pay close attention to the 2 lines shown on the chart, if you get caught in a sell inside the channel after a daily confirmed break....you should strongly consider cutting your losses and moving with the trend continuation.
***Since I know that many of you follow fundamentals, I do want to add that the long awaited December FOMC Statement will be happening this Wednesday. While this news release does not impact my trade decisions, it will have the potential to create some very violent market reactions. Candle closes are far more important. *** Looking for a Daily Close above the resistance level shown, once a break is confirmed, look for the market to retest and very likely continue a multi week bullish trend that could set brand new highs compared to the last year.
If you're looking for selling opportunities, I would look for bearish candlesticks off of the resistance level that give a strong indication that there will be a temporary sell off.
Please do your own analysis before entering a trade. If you like what you see, please "like" or follow.
We've got a key technical level right around 1.53000 if we get a daily or better yet a weekly close above that, we'll have a very strong case to go significantly higher on a retest of that same level. Right now we're still trading within a consolidating structure that would more than likely break out eventually in a bullish direction. I'll wait for a confirmed break on the daily, or very strong bearish candles to stay within the consolidation.