Our Tables Helped Us Exit GBPAUD For +300 Pips
Thurs 3rd August 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- GBPAUD (Covered In Video)
- AUDUSD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| N/A | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Our Strength V Weakness tables have again helped us navigate the markets by showing us a solid entry and exit on GBPAUD.
Both GBP and AUD have now appeared on our live forex strength vs weakness tables as weak.
This is a good exit for us, as this pair could be about to range.
If you had entered where we had discussed in our blog post here you would have gained +300 pips on this particular move.
AUD remains the weakest currency on our tables and is where we are focusing our attention again today, this time against the CHF which has returned as a strong currency.
Our evaluation of the H8 time frame shows price in a downward trend heading for key lows at 0.5600.
Using a Fibonacci tool we can see prior lows hold confluence with the 38.2 Fib level.
This level at 0.5760 could act as resistance if price were to retrace back to it.
Technical Observations:
- AUD is W1 and CHF is S3 on our tables.
- Price is in a strong downward trend.
- Price is trading below the daily 200 moving average.
- If price can retrace it may invite further selling.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
