+200 Pips On GBPAUD : AUDUSD Next?
Wed 2nd August 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- GBPAUD (Covered In Video)
- NZDUSD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| AUDUSD Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.6650 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 0.6750 | -100 Pips | |
| Profit 1 | |||
| Profit 2 | 0.6500 | +150 Pips | 1 : 1.5 |
Risk warning: Trading carries a high degree of risk. Read more here.
Our GBPAUD idea has seen the market rally over +200 pips in profit now offering traders an option to bank some of their positions or reduce risk.
AUD weakness has been the main driver behind that market moving higher and is in focus again today.
AUD is W1 on our day traders tables and USD is S1, making AUDUSD a chart to watch.
When viewing the price charts we can see this forex pair has been in a downward trend within a larger time frame range.
If price is going to trade towards the lower support of the range, we should expect the lower time frame downward trend to continue.
Our chart analysis shows a key level of resistance forming around the prior lows of 0.6550.
This level holds confluence with 38.2 and 50.0 Fibonacci retracement levels, as well as a short term trend line resistance.
If price reaches this level we could anticipate the price to reverse and continue in line with trend.
Technical Observations:
- USD is S1 and AUD is W1 on both our tables.
- AUDUSD in a strong downward trend.
- 0.6650 prior lows could act as resistance.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
