POUND AUSSIE

Good evening Dynamic Traders,

For the start of the new forex trading week I have got the GBPAUD. However , as this pair is very volatile I am showing this on the 4 hour and 1 hour timeframes.

Firstly, although it has tagged a fib . breather level on the 4 hour chart , it is in close proximity to the V.I. with a fib cluster just above as well , which is also near the R.N. , and the RSI is above fifty but less than seventy. Also, on this timeframe in AdvancedGet , we have an OB Stochastic with a false bar , thus indicating a possible trend and therefore the possibility of a push north.
















On the hourly chart below , we are in a consolidation zone awaiting a breakout, and the Stochastic here is in an upward trending position, and if we do our fibonnacci on this we can find that we have a good ext. cluster just above the V.I. of the higher timeframe.
If you then go to your 15 min. timeframe to get your entry, you can see that a 123786 bottom was just missed , however that could change looking at its position at the moment.

High impact news directly affecting this pair is Wednesday.

As always please do your own analysis before taking trades and due to its high volatility, it is important to get your entry correct, so use your Trading Plan rules to the letter and wait for your pre determined entry with an already known SL.
If this goes the other way before triggering you , use your break of support with your ESLT to enter. As Javid always said, 'it does not matter what the market does, just be ready for it' . Remember , we put the odds in our favour , but the market is always right.

Charts courtesy of TradeStation.

Good luck with your trading.

Clayton Farnworth.