GBPAUD - RETEST STRONG SUPPORT ZONE

1 במאי 2016

Back in February, price broke through the strong support trend line. Despite a continued bearish trend, the final days of April have pulled back in an aggressive manner. Price has pulled into an area with 3 confluences that could offer a reversal in price. First, and most importantly, price has retested the once supported trend line. Second, we see a horizontal trend line with multiple touches in the past. Finally, price rests at a 38.2% fibonacci retracement of the impulse leg that broke support. Eyes will be on price action looking for a short position to present itself. Trade what you see.