GBP AUD - Potential CP to destination

6 maj 2022

Currently experiencing a Drop Base Drop (DBD) Scenario upon the Weekly timeframe.
Price can offer a correction bullish move for Daily buyers, but a longer term move will require confirmation patterns (CP).

Note, as previously mentioned - using imbalances - the floor of monthly zone will now require a Break for a DBD or a Drop Base Rally - subject to the monthly zone holding - despite a significant retest.

[revert to monthly chart]


Daily

• Lower timeframe, shows a Drop Base Rally (DBR)
  
• Price looks to be consolidating within a trading range between the two orange zones marked.
  
• Upper orange zone has had 3x tests, so this can be a nice long for a weekly corrective move as price can confirm the departure of the lower zone.
  
• Short - subject to the retest of the re-active move - this can offer a Daily DBD scenario - however, this will require a long term move of the monthly low to break. (Review Bearish scenario weekly - Below)

Bearish scenario weekly


Awaiting confirmation on the weekly
Strong opportunity subject to CP upon a weekly zone.


Adding Hull Moving average for 50, 200 MA
Price is still closing below the 50 & 200 offering opportunities to slow.