Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
Gbpaud is currently retesting the support of previous trading range on the daily timeframe at 1.5820s after bouncing off the all-time low at 1.5132, and having spiked up more than half-way through the range. The 4-hour chart shows a nice bullish engulfing bar that formed on impact with the daily range support, and I am watching it for further clues for direction. I do favour a long, due to current setup, however, I will look at an alternate scenario below:
If the daily closes back below the range support ( 1.5800) I will look for retests of the broken support in order to position short for a potential continuation of the bearish trend.
Look for a close above the trendline that runs down through the daily range to buy towards the range resistance at 1.6330. The monthly chart seems to be working on a reversal bar as well, so if that does take place, this would suggest higher prices even above the 1.6330 level.
Thanks for reading. Trade Safely! 🙂
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