GBP/AUD: Something to watch for this coming week!
We do not usually cover this pair, but here's a quick heads up of something we've spotted.
It seems we may have missed the boat entering long around an impressive daily demand area at 1.75642-1.77005. However, pro money love the best prices, and it's very likely they are watching this area as well, take a look on the hourly chart, and mark up the following area of demand (1.75642 - 1.76035). This area will very likely see a reaction if/when price reaches this far down, as in our opinion, this is the very best price!
We usually enter long around these type of areas (hourly demand) and target the next area of daily supply around the 1.80603 area, but in this case the round number 1.8 would likely get our attention also. Think of the R:R on trades like this!
Good luck this week!
IC markets.
It seems we may have missed the boat entering long around an impressive daily demand area at 1.75642-1.77005. However, pro money love the best prices, and it's very likely they are watching this area as well, take a look on the hourly chart, and mark up the following area of demand (1.75642 - 1.76035). This area will very likely see a reaction if/when price reaches this far down, as in our opinion, this is the very best price!
We usually enter long around these type of areas (hourly demand) and target the next area of daily supply around the 1.80603 area, but in this case the round number 1.8 would likely get our attention also. Think of the R:R on trades like this!
Good luck this week!
IC markets.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.