Bullish Resumption

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Updated: 12 November 2019

Good day traders! GBP/AUD may have put in a low after price stopped short of my invalidation zone and broke above my upper red trendline (see my 5th of November update).

30-Minute Timeframe

The move higher, from the 7th of November low, looks impulsive and more aggressive traders could have taken a long position when price broke above the upper red trendline. Those traders with a more conservative approach may consider waiting for a pullback towards one of the Fib retracement levels, thereby anticipating a higher low before entering.

Conclusion

Should the recent upwards momentum continue, then price could target the October high at 1.9093. A decent break above that high could see price make its way towards my upper green channel line around 1.9537.

Until next time, happy and safe trading!

Regards

Richard Krugel