GBPAUD Second Analysis/Idea Via 1M/Projection
Analysis of GBPAUD according to the 1M Chart Timeframe.
We can first identify our low for the month, hereafter breaking into an ascending pattern towards our resistance level
@1.918339.
At our first resistance level we can see our ascending consolidation of patterns broken, allowing price to further surge creating bullish exhaustion towards the upside.
If Price is able to extend over our second resistance @2.002689, we can be confident about entering a second BUY position unless price comes back down and breaks our first Resistance level.
However if price looks to decline, we will need to verify our second confirmation of price entering a downtrend position and therefore breaking our Resistance 1 before looking to enter a SELL position.
Fundamentals:
The Australian Dollar hits low considering spike in January unemployment rate from 5.1-5.3%.
Reserve Bank of Australia looks to revisit Australian economic outlook dictating additional guidance.
Overall rate of GBPAUD has potential to hit May 2016 High depicting AUD weakness.
We can first identify our low for the month, hereafter breaking into an ascending pattern towards our resistance level
@1.918339.
At our first resistance level we can see our ascending consolidation of patterns broken, allowing price to further surge creating bullish exhaustion towards the upside.
If Price is able to extend over our second resistance @2.002689, we can be confident about entering a second BUY position unless price comes back down and breaks our first Resistance level.
However if price looks to decline, we will need to verify our second confirmation of price entering a downtrend position and therefore breaking our Resistance 1 before looking to enter a SELL position.
Fundamentals:
The Australian Dollar hits low considering spike in January unemployment rate from 5.1-5.3%.
Reserve Bank of Australia looks to revisit Australian economic outlook dictating additional guidance.
Overall rate of GBPAUD has potential to hit May 2016 High depicting AUD weakness.
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