Bearish Outlook on GBPAUD
Expecting to see some bullish movement of the AUD in the upcoming trading week.
Price formed a double top, then made a bearish impulse breaking the previous low (which is now acting as the neckline of the double top).
Price then found support at the 50.0 fib level completing the bearish impulse and formed a double bottom. This double bottom formation was ultimately created to test the neckline of the previous double top (which it did).
On the 4h time frame price is having trouble breaking this weekly resistance level. I think price may create a false breakout/move to the upside, then making another bearish impulse.
Price formed a double top, then made a bearish impulse breaking the previous low (which is now acting as the neckline of the double top).
Price then found support at the 50.0 fib level completing the bearish impulse and formed a double bottom. This double bottom formation was ultimately created to test the neckline of the previous double top (which it did).
On the 4h time frame price is having trouble breaking this weekly resistance level. I think price may create a false breakout/move to the upside, then making another bearish impulse.