GBPAUD Price Action Analysis – 26th Sept 2017
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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….
- 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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