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GBPAUD cross has about 350 pips of 14 period weekly ATR. Also it has shown smooth trending moves recently, with continued AUD weakness.
On 1 st day of week which is a US holiday, it has formed a range of about 130 pips.
The daily RSI and 4 hr RSI are above 50 but not in overbought area yet. So my bias is long.
The price currently is 1.8660.
My entry is a stop buy price at around 1.8675.
The weekly R1 is around 1.89 which also corresponds to the average weekly range.
So I have placed an SL at around 1.845 ie weekly pivot point and a limit at 1.89.
The recent Chinese data has been mixed and AUDUSD chart looks very bearish whereas GBPUSD looks stronger on daily and 4 hr chart.
On wedensday, there is AUD CPI data expected which would trigger further fall of AUD.
GBP is expected to rise or remain range bound.
So GBPAUD pair long trade has been taken.
On 1 st day of week which is a US holiday, it has formed a range of about 130 pips.
The daily RSI and 4 hr RSI are above 50 but not in overbought area yet. So my bias is long.
The price currently is 1.8660.
My entry is a stop buy price at around 1.8675.
The weekly R1 is around 1.89 which also corresponds to the average weekly range.
So I have placed an SL at around 1.845 ie weekly pivot point and a limit at 1.89.
The recent Chinese data has been mixed and AUDUSD chart looks very bearish whereas GBPUSD looks stronger on daily and 4 hr chart.
On wedensday, there is AUD CPI data expected which would trigger further fall of AUD.
GBP is expected to rise or remain range bound.
So GBPAUD pair long trade has been taken.
