GBPAUD Top-Down Analysis #29/50

16 Mar 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

on WEEKLY: Left Chart
GBPAUD is overall bearish trading inside the brown channel, and it is currently around the upper brown trendline.

Moreover, the zone 1.83 is a strong resistance zone .

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown trendline. (acting as non-horizontal resistance)

on H4: Right Chart
GBPAUD is bullish from a medium-term perspective trading inside the rising red channel.

🏹 Trigger => for the bears to take over, we need a momentum candle close below the last low and lower red trendline.

Meanwhile, until the sell is activated, GBPAUD can still trade higher inside the green weekly resistance.

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich