GBPAUD: Support Turns To Resistance

9 jul 2015(VIDEO LINK: youtube.com/watch?v=n5UI2kypn4I )GBPAUD has been a pair that I’ve swung and missed at all week with 2 losing trades & a trade that came half way to targets before getting stopped out for breakeven. The majority of the week has been focused around this same structure level & now that price action is trading below it, I may have my chance at a short opportunity.

As one of my clients showed me yesterday there was a chance to get involved in the initial break of support & retest yesterday, but with us being in a heavily bullish trend on the higher time frames, I wanted to make sure that this wasn’t just a simple retracement of the bigger move. Now don’t get me wrong, this particular setup can easily be a complex pullback as well, but I do have a much better potential risk to reward setting up here if I can play my cards right.

The presence of a new 3-legged bearish formation (SP-ISH-OR-NSL) gives me a little more confidence but I still want to be cautious and look for the right reason for entry. If we do continue bearish, I’m not expecting a full reversal, but with the trend looking as if it’s running out of steam on the daily, we may be in for a deeper retracement. See many of you in the Live Trading Room!
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Akil Stokes
Chief Currency Analyst
TradeEmpowered.com
[e-mail] /AkilStokesRTM /

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