GBPAUD Technical Analysis And Short Term Forecast

0
133
GBPAUD Short Term Forecast Follow Up And Update

Hi Traders! GBPAUD technical analysis and short term forecast is here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidences on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available! Let’s start our analysis from the highest timeframe which will be the H4 chart here.

GBPAUD H4(4 Hours) Chart Analysis – Resistance Breakout, Higher Highs, Heikin Ashi Candles

On the H4 chart, the price which was moving higher has broken above a strong resistance zone and is holding above it, which we may consider as evidence of bullish pressure. Also, we could see that the price has created higher highs based on the MACD indicator which we may consider as another evidence of bullish pressure. Also, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. Currently, it looks like a flat correction is happening and I basically expect the price to move higher further after this correction. We may now move down to lower timeframe and see if we can find evidences supporting this short term bullish view.
GBPAUD Technical Analysis And Short Term Forecast

 

GBPAUD H1(1 Hour) Chart Analysis – Bullish Trend Pattern, Two Key Support Zones, Stochastic Oscillator

On the H1 chart, we could see that the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows which we may consider as evidence of bullish pressure. Currently, it looks like a flat correction is happening and while measuring the last wave using the Fibonacci expansion tool we have two key support zones that has formed. The first zone is formed by the 61.8%(1.84810), 100%(1.84339) Fibonacci expansion levels, bottom of the range and the 38.2%(1.84500) Fibonacci retracement level of the bullish trend pattern. The second key support zone is formed by the 161.8%(1.83562) Fibonacci expansion level of the wave and the 50%(1.84041) – 61.8%(1.83578) Fibonacci retracement levels. The price is currently nearing the first key support zone and also, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as evidence of bullish pressure. Until both the key support zones hold my short term view remains bullish here and I expect the price to move higher further.
GBPAUD Technical Analysis And Short Term Forecast

Technical Analysis & Forecast Summary

GBPAUD H4(4 Hours) Chart Analysis 

  • Resistance Breakout, Higher Highs, Heikin Ashi Candles

GBPAUD H1(1 Hour) Chart Analysis 

  • Bullish Trend Pattern, Two Key Support Zones, Stochastic Oscillator

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term 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.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to

Join Traders Academy Club Now

And improve your trading with us.

Also, you can get one of our strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Arvinth Akash
Traders Academy Club Team

 

 

Click To Join Our Community Telegram Group

Advertisement

How to Invest in Amazon

4 Advantages of Amazon Investing - Read More

  • Amazon’s net a bullish 450% 5-year gain
  • Amazon’s ROI is 6x’s the S&P 500 Index of 67%
  • AMZN shares may hit +$10,000 by mid-November 2024
  • Amazon’s growth since IPO tops more than 12,000%

Now is the time to invest in Amazon

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments