GBPAUD Will Price Remain In The Bullish Channel

Fri 31st March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPAUD
• CADJPY (Covered in Video)
• GBPUSD (Covered in Video)
• EURAUD (Covered in Video)

Today we’re looking at Trading Setups in: GBPAUD, CADJPY, GBPUSD & EURAUD (Covered in Video)

GBP and AUD top the trend traders tables suggesting on a higher time frame price is bullish.

GBP sits at S1 and AUD sits at W1 on the trend traders table.

GBPAUD is trading in a bullish channel above key resistance of 1.8300.

If price remains in this bullish channel we could see a move towards the next key resistance zone of 1.8800.

The H4 chart shows us that price is forming a consolidation between the highs of 1.8500 and lows of 1.8375.

This provides us two options if we were to go long.

The first option is to wait for price to break out of the highs and retest as support.

The second option is to see if the price finds support at the consolidation lows. 

Technical Observations

• The GBP is S2 and AUD is W2 on the day traders table.
• Price has traded above the key resistance of 1.8300.
• The next level of resistance is 1.8800.
• Price is working within a daily bullish channel.
• The H4 chart shows a minor consolidation forming between 1.8500 and 1.8375.
• If the price breaks consolidation highs, it could offer a long opportunity.
• Alternatively, if the price finds support at the consolidation lows it could offer another long opportunity.