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GBPAUD has been on a buy trend as far as the H4 and the Daily charts are concerned. Moreover, the price on the H4 chart seems to be trapped within an Up trending channel. Now the price is right at the Support level of the channel. Thus, an H4 Bullish Engulfing Candle might create an opportunity for the buyers to buy the pair today. Let us have a look at the H4-GBPAUD chart….
GBPAUD Price Action Analysis – 26th Sept 2017
Have a look at the chart. The support level of 1.69575 is not a confirmed support level on that channel yet. However, the upper line strongly suggests that it does have all the potential to be a strong Support level. Now if we have an H4 Bullish Engulfing Candle here, then we flip over to the H1 chart to get a Bullish H1 candle to buy the pair later today. Let us have a look at the summary of the trade…- Buy Limit Order: 1.69575
- Stop Loss Level: 1.68600
- Take Profit target: 1.71500
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Usually an uptrending channel gets confirmed when there are at least three higher highs and two lower lows. However, we have only two higher highs here. Thus, it is not a confirmed channel yet. However, have a look at the potential support level. It is a significant horizontal support level as well as there is a Double Bottom. This is what makes us keep our eyes on the pair to look for buying opportunities.
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GBPAUD Price Action Analysis – 26th Sept 2017
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