+200 Pips On GBPAUD : AUDUSD Next?
Wed 2nd August 2023 : Daily Forex Price Action
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)
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.
