GBPAUD Analysis 11/05/2023
BRITISH POUND / AUSTRALIAN DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.85900-1.86440
Nearest Resistance Area = 1.87940-1.88400
Overall Bias = Long
Short Term Target = 1.87940-1.88400
Ideal Target = 1.89550-1.90000
Invalidation Level = 1.85900
Notes :
Another interesting GBP pair is GBPAUD where price have been in a strong uptrend since the start of 2023. Currently price is retesting its major support zone with a potential falling wedge pattern forming.
Our 1st Main & "Ideal" Scenario is the black paths where price is expected to make a nice clean break out from its pattern neckline and continues its upwards trend with an ideal target around 1.89550-1.90000. This scenario is still valid unless price breaks below 1.85900.
The 2nd "Worst Case" Scenario is the red paths where price fails to break out (or makes a false break out) before correcting lower to its next major support zone around 1.83922-1.84380.
Note that later on the Bank Of England will also discuss another possible interest rate hike of around 25 Basis points to 4.5% which could effect price positively.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.85900-1.86440
Nearest Resistance Area = 1.87940-1.88400
Overall Bias = Long
Short Term Target = 1.87940-1.88400
Ideal Target = 1.89550-1.90000
Invalidation Level = 1.85900
Notes :
Another interesting GBP pair is GBPAUD where price have been in a strong uptrend since the start of 2023. Currently price is retesting its major support zone with a potential falling wedge pattern forming.
Our 1st Main & "Ideal" Scenario is the black paths where price is expected to make a nice clean break out from its pattern neckline and continues its upwards trend with an ideal target around 1.89550-1.90000. This scenario is still valid unless price breaks below 1.85900.
The 2nd "Worst Case" Scenario is the red paths where price fails to break out (or makes a false break out) before correcting lower to its next major support zone around 1.83922-1.84380.
Note that later on the Bank Of England will also discuss another possible interest rate hike of around 25 Basis points to 4.5% which could effect price positively.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.