GBPAUD: Time To Go Long ?
Mon 24th April 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- AUDCHF (Covered in Video)
- NZDCHF (Covered in Video)
Primary Focus Pair: Overview
GBP is the third strongest currency on the day traders tables, and AUD is the third weakest (See Tables Below).
This tells us that GBPAUD prices could trader higher. When viewing the GBPAUD chart we can see that price has been in an upward/bullish trend.
This gives us the right conditions to look for long trading opportunities. The chart below highlights the H4 timeframe.
On this chart we can see the price is trading within a bullish channel that formed from the lows on 17th March 2023.
If price remains within this bullish channel, it could head towards channel and horizontal resistance at 1.8800.
Most recently price has traded above a minor range highs, which developed at the trend line support.
The minor range highs began at 1.8550, with lows of 1.8400.
These range highs could be used as support for us to go long.
If price retests these highs and we see bullish price action, we can look to go long targeting the 1.8700-1.8800 levels of resistance.
Technical Observations:
- GBP is S3 and AUD is W3 on the day traders table.
- Price is trading within a bullish channel.
- Price found support at 1.8400.
- Price formed a minor trading range between 1.8550 and 1.8400 at support.
- Price broke out of the minor range highs, which shows bullish momentum.
- If price retests the highs of 1.8550 and finds support, we could see price trade higher.
- Buyers could target 1.8700 and 1.8800 resistance levels.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
