Hello Forex Trader,
I just wanted to share with you my latest personal view on the GBP/AUD DAILY CHART (16th-Jan-2020) market analysis.
The currency pairs had been bouncing forming a formation of an inverted triangle which some technical analyst do call Megaphone triangle but it doesn’t matter whatever name you prefer to call it. what really matter is knowing the implication or possibility outcome of the formation.
Right from a LOWER-LOW carved from 30th-July-2019 with a formation of a bullish pin bar, the currency pairs had been rally up right since then. Price have been respecting our dynamic support trend-line to an HIGH-HIGHS in 16th-Dec-2019 whereby price was been rejected by an opposite of a bullish pin called bearish pin bar.
Price retested our dynamic support trend-line from 24th-Dec-2019 and 14th-Jan 2020. Technically viewing this action I can spot sigh of weakness for the pairs due to the short distance of retest between this retest of our dynamic support trend line and can be called clustering of price
If the trend is strong, price ought to have proceed to carve a new HIGH-HIGH before a retest of our dynamic support once again.
Alternatively I can spot a formation of an INSIDE-BAR which can constitute as a signal interest for buyers. Do remember horizontal key-level acts @1.90886 and a daily close above this level has high probability to trigger more momentum for the bull to retest previous HIGH-HIGH.
If the bull failed to defend the dynamic support trend-line, this may give signal of the bears coming in to move the currency pairs to retest horizontal key-level @1.85433.
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