LONG on GBP/AUD. Confirmed trigger on the RSI.
I was looking for a confirmed break above 1.8050 to go Long on this pair. There was a clear Bearish pattern on the RSI which we broke out and we managed to push above 50 on the Daily chart. The 1.0850 level was the opening range high of the month which we also broke out.
There was a lot of Fib confluence at this level, 236 from the High's of on 24th of January to the lows of the 14th of April but it was also the 236 extension of the low's on 12th of March of 2013 (last year) to the high of the 24th of January.
Lastly, BoE remained pretty hawkish on their minutes, adding further conviction to this setup. I'll be going Long with initial target the 1.850 and extension to 1.900 with stops at 1.774.
Good luck!
Panos
There was a lot of Fib confluence at this level, 236 from the High's of on 24th of January to the lows of the 14th of April but it was also the 236 extension of the low's on 12th of March of 2013 (last year) to the high of the 24th of January.
Lastly, BoE remained pretty hawkish on their minutes, adding further conviction to this setup. I'll be going Long with initial target the 1.850 and extension to 1.900 with stops at 1.774.
Good luck!
Panos
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I had revised the target at the time.