GBPAUD Forecast for the week
Long Entry: break of 1.82865
SL: will be right under the breaking point
Short: Entry: 1.82865
SL: just above the resistance at price: 1.82865
Also a Bearish divergence, have formed. the price will go up a little before confirming the divergence
Look in the RSI and the orange line in the chart, divergence is marked with cirkels
Description:
An long entry can be taken, when a break of the rising wedge above the resistance/support line (1.82865)
A Short entry can be taken when the price hits the resistance/support line. This is risky, and therefore I will wait for the confirmation, when the price breaks the support line in the rising wedge.
Historically there is a 69% chance for a breakout of the support line in the rising wedge. This is because a rising wedge is formed after a longer decline in price, and therefor the rising wedge can be seen as a consolidation formation, before further downside.
Breakouts above the resistance line, is occurring 31% of the time historically. In a consolidating rising wedge.
Also there is coming more this week about brexit, and can perhaps give more information about the prices direction
Also there is a great deal of economic numbers with high importance coming out this week for Britain. That needs to be taken in considering.
fxpro.co.uk/news/economic-calendar
SL: will be right under the breaking point
Short: Entry: 1.82865
SL: just above the resistance at price: 1.82865
Also a Bearish divergence, have formed. the price will go up a little before confirming the divergence
Look in the RSI and the orange line in the chart, divergence is marked with cirkels
Description:
An long entry can be taken, when a break of the rising wedge above the resistance/support line (1.82865)
A Short entry can be taken when the price hits the resistance/support line. This is risky, and therefore I will wait for the confirmation, when the price breaks the support line in the rising wedge.
Historically there is a 69% chance for a breakout of the support line in the rising wedge. This is because a rising wedge is formed after a longer decline in price, and therefor the rising wedge can be seen as a consolidation formation, before further downside.
Breakouts above the resistance line, is occurring 31% of the time historically. In a consolidating rising wedge.
Also there is coming more this week about brexit, and can perhaps give more information about the prices direction
Also there is a great deal of economic numbers with high importance coming out this week for Britain. That needs to be taken in considering.
fxpro.co.uk/news/economic-calendar
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