Potential Short Opportunity for GBPAUD

6 mag 2020

Personally, i am bearish on the AUD due to the fundamental outlook for the global economy. However, this is purely a technical perspective. Firstly, the pair is currently deciding if it should continue its downward momentum or push for a higher price. I will use the support area i identified as the deciding zone. If price breaks out of my identified support zone, i will open a short position on the pullback. This trade has a very nice risk-reward ratio especially if we hit our second TP.