GBP/AUDLooking for 3 different positions to catch the impulsive moves on the Elliot's wave!
Price is overall ranging (bouncing from support --> resistance)
Steps we're looking for:
1. Price to respect the key level
2. Reverse into a uptrend
3. Break of key level then retest for a entry
Move 1 Move 2 Move 3
Entry - 1.78882 Entry - 1.79070 Entry - 1.79387
TP - 1.79165 TP - 1.79566 TP - 1.79814
SL - 1.78751 SL - 1.78948 SL - 1.79269
Gbpaudbuy
GBP/AUD at Big SupportThis is at a big support level so looking to take a long position soon. MACD is showing on the daily that this is still bearish as it is below 0. I expect this to drop slightly from its current position, if it meets the support area marked in blue then that could be a good entry point with SL just below the lowest point of the support. TP is set at 0.382 Fibonacci of period from March 2020 to the low.
GBP/AUD BUYThe price has been in a downtrend since October 2020 (Red trend line)
and I'm expecting to catch the retracement move.
I can see that the price is in an uptrend since January 6th respecting the blue trend line and has reached a major resistance level.
I expect the price to fall back to the trend line, then expect it to continue the uptrend breaking the resistance until it reaches the downward Red trend line reversing the trend, indicating that the uptrend (retracement) has stopped.
GBPAUD--- Weekly Planning- Update LiveDisclaimer:
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions. this is no signal. it's my opinion. trade your own risk. and Must Follow Money management.
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Thank you for your support!