GBPAUD Flags are up! ~
Looking at GBPAUD on the 8hr time frame we have developed a bull flag (in black). By the size of this bull flag we could break the top of the uptrend channel (in pink) or at least test it. 1.8375 (gray dotted line) is going to be among the same level as the top of the bull flag so this level needs a confirmed breakup before trading this bull flag. It is interesting because GBPCAD is also showing signs of a bull flag, and these pairs tend to move together.
We are consistently finding support among the EMA (in blue), and the MA (in red) has not been crossed over by the EMA which is a good sign for continued upwards momentum.
On the MACD, it has crossed over and broke through the dotted black trend line, but it seems we are losing momentum to the upside and we could see a cross in momentum here. I am not too worried about that, but this is why you we must wait for the confirmed breakup of the bull flag.
1.825 may be a great place for the market to find strong support with the bottom of the bull flag and a bounce from that level could send us through the top of the bull flag with the momentum we need to break weekly resistance at 1.8375 (gray dotted line).
If I were to trade this setup, I would wait for a breakup out of the bull flag and through 1.8375. I will be long and release 1/2 of my positions at 1.85 monthly resistance. I will then wait for a break of 1.85 and test of the top of the pink uptrend channel. I will close all positions at the pink line or close to it at any point I feel the market may be reversing sooner.
**This is not instructions or recommendations to buy or sell, and is for educational purposes only**
We are consistently finding support among the EMA (in blue), and the MA (in red) has not been crossed over by the EMA which is a good sign for continued upwards momentum.
On the MACD, it has crossed over and broke through the dotted black trend line, but it seems we are losing momentum to the upside and we could see a cross in momentum here. I am not too worried about that, but this is why you we must wait for the confirmed breakup of the bull flag.
1.825 may be a great place for the market to find strong support with the bottom of the bull flag and a bounce from that level could send us through the top of the bull flag with the momentum we need to break weekly resistance at 1.8375 (gray dotted line).
If I were to trade this setup, I would wait for a breakup out of the bull flag and through 1.8375. I will be long and release 1/2 of my positions at 1.85 monthly resistance. I will then wait for a break of 1.85 and test of the top of the pink uptrend channel. I will close all positions at the pink line or close to it at any point I feel the market may be reversing sooner.
**This is not instructions or recommendations to buy or sell, and is for educational purposes only**
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