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Sell entry hit in GBP/AUD

I am short Gbp/Aud after my sell entry was hit
Yesterday evening I put in sell entries Gbp and Eur - Nzd and Aud crosses
as I feel like these crosses has risen too high lately
and retracement would seem in order
I put in four sell entries in Gbp/Aud, Gbp/Nzd, Eur/Aud and Eur/Nzd near previous highs
on the daily charts
This morning I found that my sell entry Gbp/Aud @ 2.1455 had been hit and I was up around 60 pips,
the pair has already retraced back to around opening level, though,
and I still a…
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GBP/AUD to break out of bearish channel

Gbp/Aud is looking strong and ready for a next leg higher
This next leg will bring it above the upper border of a bearish channel
as we can see on the weekly chart:
Gbp/Aud weekly chart
The last weekly candle is a hammer - which is a bullish candle pattern,
the MACD signal is bullish, and the RSI is bullish, too
The 61.8% fibonacci expansion target of last weekly move lies above the upper border
of the weekly bearish channel that the pair is currently in
On the daily chart I have drawn out my pr…
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The pair is finally testing the upper border of the weekly bearish channel,
a breakout could trigger a stronger move up

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GBP/AUD closed in a bearish channel

Gbp/Aud is stuck in a weekly bearish channel
and the most immediate target seems to be the breaking of 50% fibonacci retracement
of the last move up, and down to 61.8% retracement line
On the weekly chart we see the bearish channel,
and we draw the fibonacci retracement of the last move up:
Gbp/Aud weekly chart
Zooming in within the weekly downward channel and on the daily chart
we can see that the 50% fibonacci retracement is being challenged
because the upper border of the channel will push th…
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AdamFx42 29 Sie

50% fibonacci should act as resistance now - and after some retracement up we should test 61.8%

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Price holding above 61.8% weekly retracement around my predicted target,
this was an excellent call on my part - but it went so quick;
I do not know if price will remain bouncing between 50% and 61.8% for long

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Strong move down has broken 61.8% support
looking for retracement back up to test support - now resistance

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AdamFx42 10 Wrz

Well, what happened is that the lower border of the weekly trendline has held, and price has bounced back up - broken back above the daily 61.8% retracement level, and is holding on my target
That all in a couple of days:    wow!

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AdamFx42 11 Wrz

Now higher border of the weekly channel is being tested again - it's a roller-coaster ride!

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Looking for a good entry

A mistake that I made last month was trusting Gbp strength too much,
and blindly buying all pound crosses - while retracement down was due first
This month I will be looking at a good entry point on 1 trade first:
Gbp/Aud (that or either Eur/Aud) depending on which hits a good entry level first
The key here is Aud weakness and a stronger move back down in Aud/Usd
while either Gbp and /or Euro are due for a move up
While data is weaker for Aud, and Aud/Usd should retrace back down to 0.9225 level…
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Another move back up

Technically Gbp/Aud seemes due for a move back up again
after putting ina low around 1.77 for now, and moving back up strongly to 1.81
Gbp is still a very strong currency and Gbp/Usd may still challenge 1.7 in the near-future
On the daily chart of Gbp/Aud we see the rejection of the lows and a bullish convergence
on the stochastic indicator:
If we draw a fibonacci retracement of the last move down on the daily chart
the 61.8% retracement, which would be a natural retracement in a bullish market …
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AdamFx42 10 Maj

With Gbp/Aud around 1.8 now, we will need to see a weaker Aud for a fast move up

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AdamFx42 17 Maj

very deep retracement seen down to 1.78 area - a break above 1.8 soon is my only hope to accomplish target area now

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AdamFx42 20 Maj

Aud weakness made the pair shoot up to 1.82 - still about 200 pips to target though

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GBP/AUD heading back up again after retracement

Gbp/Aud is back on its way up after a deep retracement, and upward momentum is strong
The daily target points to a level around 188
But first a look at the first weekly chart that shows us the channel the pair is moving in currently:
On the second weekly chart I have put the Fibonacci expansion of latest move up
and it points to an area of 197 - which is 61.8% expansion area
If we now move to the daily chart we can find that the weekly trendline can act as a support area
for the move up, and wit…
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