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GBPAUD Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of GBPAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a symmetrical triangle and it tested monthly support and started pull back to the upside. We can see an over extended M formation, price should move up to test the neck; we can set this as a long term target.
W > Price moved bullish, reached weekly resistance and broke through to the upside but ended with a retracement wick.
D > With its upward move price formed a W formation and with retracement it dropped to test its neck and complete the formation. We can now expect an upward move.
As per COT GBP saw addition of Long and closure of Short positions further improving net positions though still in -ve. BXY however weakened during the said week and ended last week in a Doji after strong buying pressure during start of the week. AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
4H > Price has dropped to test daily resistance now turned support. We expect price to reverse for a bullish trend, however price can consolidate before continuing upwards.
Pair Correlation: GBPAUD has positive correlation with GBPNZD
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a symmetrical triangle and it tested monthly support and started pull back to the upside. We can see an over extended M formation, price should move up to test the neck; we can set this as a long term target.
W > Price moved bullish, reached weekly resistance and broke through to the upside but ended with a retracement wick.
D > With its upward move price formed a W formation and with retracement it dropped to test its neck and complete the formation. We can now expect an upward move.
As per COT GBP saw addition of Long and closure of Short positions further improving net positions though still in -ve. BXY however weakened during the said week and ended last week in a Doji after strong buying pressure during start of the week. AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
4H > Price has dropped to test daily resistance now turned support. We expect price to reverse for a bullish trend, however price can consolidate before continuing upwards.
Pair Correlation: GBPAUD has positive correlation with GBPNZD
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
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