Wednesday, May 30, 2012

GBPAUD Analysis

Hope you managed to catch the GBPAUD big move down! If you didn't then you might be interested in this re-entry, there will always be another opportunity.

In H1, gbpaud has retrace to 61.8%, one of the most widely used fibonacci number. A pin bar was almost formed signifying price rejection at the 61.8% level (1.60048). To confirm that it is indeed a good resistance where price is likely to bounce off, we look for a resistance level either in H4 or D1.

1.60048 appears to be a good resistance level where price is expected to bounce off.

For another big move to happen, gbpaud must close below 1.58653, the current week's low which is a significant support. Watch out! Price may turn at that level and always practice sound money management strategy.

Keep the pips coming!

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