GBPAUD In Focus As Traders Eye 500+ Pip Trade
Mon 10th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- GBPCAD (Covered In Video)
- CADCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| GBPAUD Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.9180 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.8950 | -230 pips | |
| Profit 1 | |||
| Profit 2 | 1.9700 | +520 pips | 1 : 2.26 |
Details:
GBPAUD remains the forex pair in focus for us going into today’s trading session.
Our original trade idea we talked about in our post on Friday, has missed its entry point.
This gives us another opportunity to take a look at the pair and re-evaluate the position the pair is in.
Price has traded through key weekly highs of 1.9150 opening the door to higher prices.
A trend line resistance intersects with the 1.9700 price point, which could be short term targets for buyers.
If however, buyers continue to push this market higher, then it could reach the December 2021 highs of 2.0600.
Our H1 trading time frame shows price forming lows around 0.9180, this could be an area price finds support again, if it can retest this support zone.
Technical Observations:
- GBP is S3 and AUD is W1 on the day traders table.
- Price has traded through key resistance of 1.9150.
- Trend line resistance intersects with 1.9700.
- Buyers could target this level of resistance with long opportunities.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
