Don’t Trade GBPAUD Until You See This
Wed 18th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- NZDCHF (Covered In Video)
- GBPUSD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| GBPAUD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.9130 | ||
| Entry Price | If Alert level is tested: Sell Stop Order below circa 1.9120 | ||
| Stop Loss (Min) | 1.9170 | -50 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 1.9050 | +70 Pips | 1 : 1.4 |
| Profit 2 | 1.9010 | +110 Pips | 1 : 2.1 |
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Our live forex strength vs weakness tables continue to show GBP as a weaker currency.
AUD has come onto the day traders table as the second strongest currency.
This means GBPAUD could continue to trend lower.
On the D1 chart price has traded through key trend line support which originates from the lows on Friday 29th September.
Price breaching this trend line to the down side shows the momentum is with the sellers.
Going down into the intraday time frames such as the H1 chart we can see price consolidated after yesterday’s bearish close before continuing lower.
This consolidation is situated at the 1.9130 – 1.9160 levels.
Price could use this consolidation as resistance to find lower prices.
If price reaches these levels we could look to sell below.
Targets should be previous lows such as 1.9050 and 0.9010.
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Primary Focus Pair Chart:
Technical Observations:
- GBP is W2 on the day traders tables.
- Price has broken down through a consolidation zone.
- This zone could act as resistance on the trend.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
