05/01/23 Daily Currency Strength Analysis: GBPAUD Day Trading Setup

Thurs 5th January 2023

Today, Our Daily Currency Strength Weakness Video will focus on:

• GBPAUD

GBPAUD Day Trading Setup

In today’s currency strength video we identified a potential short day trading setup on the GBPAUD.

GBPAUD from a higher time frame perspective is in a range between 1.8125 and 1.7500.

Most recently the price has been forming a downward trend within the range.

This could see the price head back towards the 1.7500 range lows. If the price trades through this level then next major support is 500 pips lower.

Technical Observations

• The AUD is S2 on the trend traders traders table and the GBP is W1.
• The weekly time frame shows the price in a range between 1.8125 and 1.7500.
• Price has formed a downward trend within the range. 
• Looking at the H4 time frame the price has formed a pin rejection candle of the recent lows around 1.7675.
• This could offer an opportunity to trend traders with the range low being targets. 
• Day traders may consider breakout opportunities on the M15 chart.