🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

GBP/AUD: Potential Bullish Wedge Above Monday's Gap

Published 11/05/2014, 01:42 AM
Updated 08/22/2024, 06:01 PM
AUD/USD
-
USD/CAD
-
GBP/AUD
-

Asia Roundup

NZD: Unemployment drops to 5.4% and employment increases 0.8% q/q to far outweigh the -0.3% in Global Dairy prices.


UP NEXT:

Economic Calendar

TECHNICAL ANALYSIS:

AUD/USD: Stalls below Monday's Gap
AUD/USD Hour Chart

The pair has meandered up towards yesterday's bullish target and stalled just below the week's opening Gap. With price coiling up it suggests a Bearish Wedge is forming which would target the 0.864 lows but due to the zones of support then closer targets around 0.868 and 0.8370 may be a better approach.

GBP/AUD: Potential Bullish Wedge above Monday's Gap
GBP/AUD Hour Chart

The original breakaway gap highlighted on Monday continues to hold and suggest continued gains are on the cards. After an impressive bullish continuation on Monday the pair has lost steam and now forms a potential bullish wedge.

Take note of the Bullish Piercing Line / Tweezer Bottom (circled) to suggest a swing low, above the previous swing low and opening gap on Monday.

We can consider a buy-stop above the 1.8320 high to catch a breakout, or seek a buy-limit further down to achieve a higher reward/risk ratio.

USD/CAD: Potential bull flag forming above Daily Pivot
USD/CAD Hour Chart

Trends is clearly up so bullish setups are favoured. A slight word of caution is the reversal candles appearing on H4 but this does not necessarily mean a reversal is on the cards. It could just mean sideways trading prior to another leg up.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.