GBP Weakness Persists : GBPAUD Trades Lower
Tues 12th September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- EURAUD (Covered In Video)
- GBPCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| GBPAUD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.9450 | ||
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
In yesterday’s forex market commentary we discussed the potential for GBPAUD to trade lower.
Early this morning GBPAUD retested our 1.9500 resistance zone of interest and the hourly (H1) 50 moving average.
Since this retest price has traded lower, this confirms our downside strength vs weakness bias.
Today on our live proprietary forex strength vs weakness tables we can see that the GBP is Weak 1 (W1) and AUD is Strong 2 (S2), this helps us continue to look for selling opportunities on this forex pair.
Before price retested the resistance zone at 1.9500 on the hourly (H1) time frame, it consolidated below the level.
Now price has broken down through this consolidation on the hourly (H1) time frame, we can wait for a pullback to see if it will act as resistance.
Our alerts have been set at 1.9450, a rejection here on the hourly (H1) time frame could offer us a short opportunity.
Technical Observations:
- GBP is W1 and AUD is S2 on the day traders table.
- Price is trading below key consolidation below the hourly (H1) resistance of 1.9500.
- The hourly (H1) chart shows price trading below the 50 moving average.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
