Hi Traders! GBPAUD bullish setup forming at the moment. A detailed analysis of this buy opportunity is as follows:
GBPAUD W1 Chart:
On the weekly chart the price is moving inside a channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price which is respecting this channel so far has currently reached the bottom of it, if we didn’t get a valid breakout here we may then expect the price to respect this bottom of the channel and move higher again.
GBPAUD D1 Chart:
On the daily chart we have a critical zone that has formed based on the bottom of the weekly channel and the fibo expansion level of the cycle. The price which was moving lower has reached this zone and is currently holding above it. Until the price holds above this zone we may look for bullish setups with bullish evidences on lower timeframes in order to join the bulls.
GBPAUD H4 Chart:
On the H4 chart the price has created a double bottom and is currently moving higher. If the price breaks and holds above the high shown in the screenshot we may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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