We are now looking at the 8hr time frame.. As I mentioned in my last update on GBPAUD
we are and still are in the consolidation period of this bull flag
. We are beginning to approach the region I mentioned in my last update would be a strong level of resistance (1.8375 region). We are now coming to the top of the bull flag
and 1.8375 (grey dotted line). If we can break above this region, and confirm it as new support, we will be well on our way up to 1.85 which is our next level of resistance. The projection of the bull flag
(doesn't always go full potential) lines up directly with a test off the top of the uptrend channel
is still neutral. I will be watching for a crossover which would signal downwards momentum, but if we can maintain this sideways movement and begin moving upwards it will be a good sign that GBPAUD
will be bullish
We are bouncing nicely off of the EMA
(blue) and the EMA
has still not crossed over the MA (red) so this is a good sign we are holding momentum to the upside.
For now I will be watching for a breakout to the upside of the bull flag
or a crossover on the MACD
. If we break to the upside and confirm the break above, I will be long up to 1.85!
**This is not a recommendation to buy or sell, and is purely for educational purposes only**