I have placed a short trade on GBP/AUD. Perhaps I rushed a bit as now looking at the 1 hour chart it seems like it might pull back up to PP level on Fibonacci Pivot which is around the level of 20 EMA before continuing down to at least S3 level. On Friday the daily candle has tested the last low and today it might finally break it. On the weekly chart it seems like the head and shoulders pattern is forming and the pair should go down to at least 1.72232 level in order to finish the pattern and potentially break the neckline after. The MACD indicator is confirming the bearish trend on both daily and weekly charts.
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