GBPAUD Technical Overview H1 Chart July 29th
Bearish Bat Pattern worked as predicted and the price reached the target. GBPAUD is trying to break the Fib 23.6 retracement of CD leg.
On the smaller charts, the symmetrical triangle has been broken. The target of the pattern is 1.78700, Fib 38.2% of CD.
EMA50 H4 and SMA 20 H4 are ready to support the price at 1.78700-1.78600 interval.
The mentioned area can be used as a buying opportunity. ( We will look for a bullish candle pattern to enter long and send notification )
If price succeeds to break 1.80000 resistance, it is likely to test 1.81000 where it will completely fill Alt Bat pattern. We will use this pattern as a selling opportunity.
If the price fails to stay above EMA50/SMA100 support and breaks below 1.78600, we will short the pair targeting 1.76290 and 1.74000 medium term.
We will send entry notification to members.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
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