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GBPAUD Price Action Analysis – 22nd June 2017

GBPAUD after having a long bearish ride, the price seems to be in a down trending channel’s range. However, since the trend is bearish and the price is now near to the resistance of that down trending channel, so the pair might offer us short entry again. Let us have a look at the H4-GBPAUD chart…

As it is clearly seen on the chart that the price had been obeying the down trending channel number of times. The price is at near to the resistance of the channel. Moreover, the horizontal level 1.68000 is quite significant as well since this is a round number. Thus, it is more likely that the price would react at this level. Since most of the equations support bearish momentum from here, thus I assume it would be best option for traders to take short entry after an H4 reversal candle right from the level shown on the chart. Summary of the trade…

• Sell Limit Order: 1.68000
• Stop Loss Level: 1.69000
• Take Profit Target: 1.66000
• 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

If we take the channel out from the chart, then it would like an ugly choppy market. However, once we draw the channel, it looks good enough to be bearish. This is what we need to do at the time of trading or analyzing the market. We have to be able to find out things that are not seen with naked eyes. The more we are able to do this, the better we get in trading.

We hope that you enjoy our Free Forex Trading Signal today: GBPAUD Price Action Analysis – 22nd June 2017 

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