GBP/AUD – Triangle Formation and Potential Breakout
The GBP/AUD pair is in a strong uptrend after a previous decline, and the price is now forming a symmetrical triangle, which is a continuation pattern. If a breakout occurs to the upside, further growth is expected.
Technical Analysis:
• Triangle Pattern: The price is consolidating within a tightening range of support and resistance.
• Key Level: 2.01100– a critical breakout zone.
• Expected Scenario: If the price holds above 2.01083, a move toward 2.02500+ is likely.
• Confirmation: A strong breakout with volume and a candle closing above the triangle would provide a solid confirmation.
Trade Plan:
• Entry: After a confirmed breakout above 2.01083.
• Target: 2.02500+
• Stop-loss: Below the triangle structure (around 2.00000).
If the breakout happens to the downside, the market structure may shift, and a different scenario could play out.
Technical Analysis:
• Triangle Pattern: The price is consolidating within a tightening range of support and resistance.
• Key Level: 2.01100– a critical breakout zone.
• Expected Scenario: If the price holds above 2.01083, a move toward 2.02500+ is likely.
• Confirmation: A strong breakout with volume and a candle closing above the triangle would provide a solid confirmation.
Trade Plan:
• Entry: After a confirmed breakout above 2.01083.
• Target: 2.02500+
• Stop-loss: Below the triangle structure (around 2.00000).
If the breakout happens to the downside, the market structure may shift, and a different scenario could play out.
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