Review of Pound Aussie

Good Evening Dynamic Traders,

Tonight I am going to review the GBPAUD from last evenings blog so as to show what patience can do. As mentioned, I waited for the news which was Australian Dollar positive but had already been accounted for in the market and price just continued to rise, so my entry never got signalled. However, as of todays movement it looks as if we are going to close above the value index on the daily timeframe and so an ESLT on the BOB could be applied but be cautious as we have tagged a strong former support level now acting as resistance on the weekly which is showing a possible bearish flag formation and the daily is approaching a very good fib cluster level, so at the very least we should have a possible pullback which will give good returns if you are ready, as we have high impact news out again on this pair on Monday but this time on the GBP. Once again I am doing my analysis on this pair on the 4 hour timeframe, chart below.

As always, please do your own analysis, before taking any trades.

Charts courtesy of TradeStation.

Once again, good luck with all your trading endeavours.

Clayton Farnworth.