GBP/AUD to break SUPP & rollover into 1.8150?
Hey everybody, I trust all is well as we enter a new week of trading.
I have been watching the price action over on the GBP/AUD since the early hours of yesterday to see If the pair may develop a possible downward break/swing scenario after the enormous bull run throughout last week.
As displayed on the H4 chart above, 1.8500 proved to be a solid wall with P.A spiking through but closing below on a number of occasions. The power of round numbers.
What gathers the majority of my attention here is the current range of price consolidation alongside the most recent rejection of 1.8400. The simple H1 Trendline guides price for now. a break above may invalidate my short idea but that will only be a fully activated bias if price breaks the lower highlighted region (to break structure).
If this downside break does occur then my swing breakout target is 1.8150.
P.S I updated last weeks EUR/USD over on my Instagram page with a new long bias for my followers.