Building a case for shorting the GBPAUD short/mid term
A couple of observations:
1 The 1.618 extension with a prior 6.18 retracement seems to have slowed down the pair from moving higher.
2 A daily AB=CD pattern / 3 drives pattern have completed.
3 The pair recently broke out of ascending triangle on the 4H chart.
4 The Bollinger band shows extreme price movements on the 4H chart.
Looking for an entry setup with at least a risk:reward ratio of 1:1.40-1.45 to 1.9629 as my first target.
1 The 1.618 extension with a prior 6.18 retracement seems to have slowed down the pair from moving higher.
2 A daily AB=CD pattern / 3 drives pattern have completed.
3 The pair recently broke out of ascending triangle on the 4H chart.
4 The Bollinger band shows extreme price movements on the 4H chart.
Looking for an entry setup with at least a risk:reward ratio of 1:1.40-1.45 to 1.9629 as my first target.
