- June 14, 2022
- Posted by: Tradingshot Articles
- Category: Forex
There isn’t much to update on the GBPAUD pair, as since our last analysis on April 21, the price has been following our plan in a very precise way:
As you see, the similarities with the July – October 2020 sequence have paid off and the price action continues to follow that pattern. We are now at the point where the pair is consolidating around the 1D MA50 (blue trend-line), which is used as the pivot point. The Diverging Lower Lows trend-line should provide the necessary Support to sustain this consolidation until the 1D Golden Cross is formed that will start the new rally towards the top of the long-term Channel Down. The ideal buy can be timed when the 1W MACD makes a Bullish Cross.
On the other hand, if the Diverging Lower Lows trend-line breaks, be ready to sell towards the bottom of the Channel Down and the -0.5 Fibonacci extension, and then buy for the long-term.