GBPAUD Setting Up For A 350+ Pip Move
Wed 24th May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- NZDJPY (Covered In Video)
- USDJPY (Covered In Video)
Primary Focus Pair: Overview
GBPAUD
GBP has found itself on our live forex strength vs weakness tables as a strong currency.
AUD remains on our tables as a weak currency, making GBPAUD one to watch for long ideas.
GBPAUD has recently traded outside of a minor trading range which formed on a lower time frame.
This range spanned between highs at 1.8775 and lows at 1.8650.
Now price is trading above this range, we can begin to look for long opportunities to resistance levels.
On 28th April 2023, a high formed at 1.9000, this would be first targets for traders going long at the range highs of 1.8775.
A second target would be weekly resistance at 1.9175, which formed back in August 2021.
This means we could be looking to target over 350+ pips on this forex pair.
Technical Observations:
- GBP is S2 and AUD is S2 on the day traders table.
- Price has traded through a minor range on the H4 Chart.
- If price retests 1.8775 highs and forms bullish price action, traders could go long.
- Buyers could target key resistance levels at 1.9000 and 1.9175.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
