GBPAUD 240M ABCD Trend Cont.

8 dic 2015

The GBPAUD is a good trend continuation opportunity as we can see two previous support levels which should now become resistance. Price action completes it's retracement back up to structure with an ABCD pattern along with a 127.2 Fibonacci extension up at that same level. A more conservative entry will be to wait and see if the market gives us a double top or a LLLC. Target one would be a retest of structure at the A leg and for potential second targets looking for the market to extend lower.