GBPAUD | Outlook for the new week for FX: GBPAUD by Darcsherry


Following bearish pressures appear to be accentuated in the AU $ 1.89150 / AU $ 1.89550 area. Since the end of August 2021, we can observe that prices continue to reject this area as buyers find it difficult to push prices further. Following a continued rejection of AU $ 1.8950 which also makes a confluence at exactly 61.8% retracement previous bearish the momentum and disappointing UK retail sales report failed to boost the pound sterling on the major pairs, I see an opportunity to t
take a bearish bias on this pair in the coming weeks.

Tendency: Bearish trend ( Bearish )
Structure: Distribution | Offer and demand | Trend line | Inversion model ( 61.8% retracement )
Observation: I. The line drawn under pivot bottom is a visual representation of the assistance level which reveals the dominant direction of price action since early September 2021.

ii. As of April 2019, the AU $ 1.89150 / 1.89550 is an area that has a memory for bearish momentum.

iii. The Bullish Trendline guided the price to AU $ 1.89350 during last week’s trading session to form a Double top look alike.

iv. Double Top: Have a very bearish technical inversion pattern inside a Supply area seems to be a signal that a risk of further price decline is imminent as long as the price drops below AU $ 1.88400 (Neckline) in the coming week (s).

v. Below the key level @ AU $ 1.88950 remains a comfortable area to sell the pound to the Aussie in the coming weeks.

vi. Another split / retest of AU $ 1.88400 welcomes an opportunity to add to our existing position… Trade Consciously! 😊
Negotiation plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk / Reward: 1: 5
Potential duration: 2-7 days

NB: This speculation could be considered to make individual decisions on a shorter period.

Watch this space for updates as price action is watched.

Disclaimer:

Margin trading in the forex market (including trading in commodities, CFDs, stocks, etc.) is high risk and not suitable for all investors. The content of this speculation (including all data) is curated and published by me for the sole purpose of educating and helping to make independent investment decisions. All information here is for your reference only and I assume no responsibility.

You are hereby advised to carefully consider your investment experience, financial condition, investment objective, level of risk tolerance, and to consult your independent financial advisor as to the suitability of your situation before proceeding. to make any investment.

I do not guarantee its accuracy and am not responsible for any loss or damage that may arise directly or indirectly from such content or from the receipt of any instruction or notification relating thereto.

A previous performance is not necessarily indicative of future results.

Most related links:
todayuknews Government news Financial news

Source link

Previous 4th stimulus payment of $ 1,400 which is not ruled out entirely thanks to inflation
Next Deferral of payment: a simple response to post-abstention