GBPAUD - Deep reversal complete, what next?
GBPAUD reminds me a little of the EURCHF I have just posted, only inverse to that.
GBPAUD has just completed quite a deep retracement back to its 3-4 year long hard trend-line. It almost stands to reason that we should see a reversal here regardless - but the markets have a habit of surprising you. I am going to monitor this market and enter a long position when I see a bit more price action. With the potential upside, I don't think it would hurt to wait until the dashed trend-line has been broken.
We are seeing an RSI bullish divergence so I am leaning more to a long position here
GBPAUD has just completed quite a deep retracement back to its 3-4 year long hard trend-line. It almost stands to reason that we should see a reversal here regardless - but the markets have a habit of surprising you. I am going to monitor this market and enter a long position when I see a bit more price action. With the potential upside, I don't think it would hurt to wait until the dashed trend-line has been broken.
We are seeing an RSI bullish divergence so I am leaning more to a long position here