GBPAUD Short Term Forecast Update And Follow Up

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GBPAUD Short Term Forecast Update And Follow Up

Hi Traders! GBPAUD short term forecast update and follow up is here. On August 27th, 2024 I shared this “GBPAUD Technical Analysis And Short Term Forecast” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader ClubSpoiler alert – free memberships are available!

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My Idea

On the H1 chart,  the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. In addition to this, there are no signs opposing this short term bullish view at the moment. Currently, it looks like a correction is happening and in addition to this, based on the Stochastic Oscillator we could see that the price has reached it’s extreme, which we may consider as another evidence of bullish pressure. Also, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. There are two possible scenarios from here, the price might move higher from the current zone or alternatively if it moves lower then the next area to look for bullish setups with bullish evidences would be the second strong support zone. Until both these strong support zones (marked in green) shown in the image below hold my short term view remains bullish here and I expect the price to move higher further.

 

GBPAUD Short Term Forecast Update And Follow Up

 

GBPAUD H1(1 Hour) Chart Current Scenario

In this pair, based on my technical analysis I mentioned that “Until both these strong support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further”. The price action followed my analysis exactly as I expected it to here. The price which was moving lower respected the second strong support zone and then it bounced higher from this zone. The price then moved higher further and delivered around 380+ pips move!

 

GBPAUD Short Term Forecast Update And Follow Up

 

On the M30 chart, the market provided us with various facts supporting the bullish view. The price which was moving lower created a bullish divergence between the first low that has formed at 1.93587 and the second low that has formed at 1.93385 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that and provided a fantastic move to the upside!

 

GBPAUD Short Term Forecast Update And Follow Up

 

As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.

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Arvinth Akash
Home Trader Club Team.

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