I am looking towards GBPAUD for a large swing long trade to the upside.
Based on the Daily market structure I anticipate GBPAUD will move higher towards 0.82000 in the mid to long-term. The market is clearly showing signs of reversal from a downtrend to an uptrend. After finding support on the 1.74500 Key level & demand zone the market has retaken some of the structure highs putting GBPAUD into the early stages of an uptrending move.
From here a healthy retracement is to be expected and I can see GBPAUD coming as far as 100-200 pips lower to re-enter the Daily demand zone between 1.76250-1.77250 for a reversal to then occur. We should be monitoring 4H structure within this zone for a shift from down to up. If the market can form some structural breaks and begin printing higher highs & lows out of this zone then we can expect it will begin to move higher from there, targeting the 1.8200 Key level resistance.
As always; be patient, trade logically & manage your risk in a professional manner.
Based on the Daily market structure I anticipate GBPAUD will move higher towards 0.82000 in the mid to long-term. The market is clearly showing signs of reversal from a downtrend to an uptrend. After finding support on the 1.74500 Key level & demand zone the market has retaken some of the structure highs putting GBPAUD into the early stages of an uptrending move.
From here a healthy retracement is to be expected and I can see GBPAUD coming as far as 100-200 pips lower to re-enter the Daily demand zone between 1.76250-1.77250 for a reversal to then occur. We should be monitoring 4H structure within this zone for a shift from down to up. If the market can form some structural breaks and begin printing higher highs & lows out of this zone then we can expect it will begin to move higher from there, targeting the 1.8200 Key level resistance.
As always; be patient, trade logically & manage your risk in a professional manner.