GBPAUD 1H Box Range Breakout

28 jul 2017

This pair is in an 88 pip box range to break out of. Also it has a close swing high and low that needs broken also. There is 70+ pips from the top of the range box to the swing high so one could trade that box breakout long to the swing high resistance level. There is 50+ pips from the bottom of the range box to the swing low so one could trade that box breakout short to the swing low. There is a lot of consolidation in the long trade you will have to go through but the short trade is more open space. There is a support level at 1.6270 That could be used as a TP. A long TP after breaking the swing high could be the 127.0% level of 1.6588. RSI and Macd are both at the 50 midline and 0 area for a neutral positioning of price.
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