GBP AUD - rejection of 4hour 61.8% Fibonacci

4 Şub 2021

Hello analysts and traders,

Here is a nice opportunity for buys which has happened this morning European session;
What happened? well from the low to the high, take your fibonacci retracement tool and plot the 61.8% zone where we anticipated the buys.
GBP still has bullish potential here to climb into 1.8XX
The rejection happened nicely at 1.78 as expected. This pair has a nice liquidity zone so when entering be aware of a larger stop loss in comparison to other pairs.


here is the updated daily perspective


See our previous idea below;

See the AUD USD

Technicals to assess.
We have a nice technical sell of yesterday but with the AUD USD rebounding in a negative light, the GBP has entered the supply again with a boost from the risk-off aversion.
From the chart below, watch out for the fresh daily zone which has not been truly tested yet. [Update], this has now been tested and rejected from the zone as expected.

The main buy and hold area;

1. Zone 1: - inefficiency
we will be looking at a test of the order block, movement away to keep shorts flowing to keep the imbalance moving towards the zone of a 1.72 redistribution, liquidity to show bears further short options before the lows.
From here we will expect a spring and a test of said springs.
A rejection will occur and then see accumulation phase of price hitting the target on the AUD USD with bullish Aussie.

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