#GBPAUD buying opportunity
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Hello, traders and colleagues.
Let's take a look at the GBPAUD chart to explore the potential buying opportunity it presents.
Recently, the price broke above the 4-hour bearish trendline and subsequently followed by a bearish retracement. This short-term bearish corrective move has also introduced another trendline, which was breached earlier today, due to worst than expected news released for the AUD this morning.
Currently, the price is testing a crucial level, comprising the broken trendline and a short-term support and 1H 200 EMA which could potentially prompt the price to reverse and resume its bullish momentum.
If you have found this analysis helpful, please take a moment to leave a like and a comment or share your idea with me.
Let's take a look at the GBPAUD chart to explore the potential buying opportunity it presents.
Recently, the price broke above the 4-hour bearish trendline and subsequently followed by a bearish retracement. This short-term bearish corrective move has also introduced another trendline, which was breached earlier today, due to worst than expected news released for the AUD this morning.
Currently, the price is testing a crucial level, comprising the broken trendline and a short-term support and 1H 200 EMA which could potentially prompt the price to reverse and resume its bullish momentum.
If you have found this analysis helpful, please take a moment to leave a like and a comment or share your idea with me.
Trade attivo
We initiated this long position yesterday following the formation of a 1-hour bullish hammer candle on the chart. As of now, the price hasn't moved much in the direction we anticipated. While we are currently in profit, there may be room for improvement. If you have found this analysis helpful, please consider taking a moment to leave a like, a comment, or share your own insights with me.Trade attivo
The price has gradually moved towards our first profit target. Consequently, we have partially closed our long position and are now waiting to see if the price will continue to move further in our favor.Trade attivo
Price is very close to hit our second profit target.
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