GBPAUD Remains Top Priority For Our Traders
Tues 11th 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)
- USDJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| GBPAUD Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.9275 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.9125 | -150 pips | |
| Profit 1 | |||
| Profit 2 | 1.9700 | +425 pips | 1 : 2.83 |
Details:
GBPAUD still is our top priority despite our call not getting triggered.
GBP is S3 and AUD is W3 on the day traders table and price has recently formed a new higher high on our trading time frames.
In yesterday’s post we looked for an entry into the market around 1.9180, however, the price stopped just before and continued to trade higher.
This forex pair remains high on our list due to its potential returns it could accrue.
Price is still 400-500 pips away from the next key resistance of 1.9700.
This gives this setup a great risk to reward ratio.
Now price has formed new highs on our lower time frame, we can look for a retest of these prior highs for an entry.
If price retests these highs we can look for a long opportunity.
Technical Observations:
- GBP is S3 and AUD is W3 on the day traders table.
- Price has formed new higher highs on our lower time frame.
- Traders could look to trade long from prior highs and use them as support.
- Buyers could still target 1.9700.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
