GBP/AUD: Bearish Momentum Takes Over
Updated
Previously, I posted a bullish idea for GBP/AUD, but price action has since taken a sharp turn to the downside. Now, we’re adapting to the bearish momentum as the market reacts to the changing structure.
📉 Key Observations:
Price rejected key resistance around 1.96458 and failed to sustain upward movement.
A lower high has formed, signaling bearish intent and a shift in market direction.
The focus is now on price heading lower toward the significant support zone at 1.94418.
🎯 Plan:
Watching for bearish continuation with possible short opportunities below 1.95244.
First target: 1.94418, a critical support level where price may stall or reverse.
Stop-loss placement should account for recent resistance levels above 1.95743.
🧠 Psychology Tip: "Adaptability is key in trading." 📌 The market doesn't always align with your initial bias, but reacting to the structure and adjusting your strategy is what separates reactive traders from emotional ones. Stay objective and let the chart guide your decisions.
📉 Key Observations:
Price rejected key resistance around 1.96458 and failed to sustain upward movement.
A lower high has formed, signaling bearish intent and a shift in market direction.
The focus is now on price heading lower toward the significant support zone at 1.94418.
🎯 Plan:
Watching for bearish continuation with possible short opportunities below 1.95244.
First target: 1.94418, a critical support level where price may stall or reverse.
Stop-loss placement should account for recent resistance levels above 1.95743.
🧠 Psychology Tip: "Adaptability is key in trading." 📌 The market doesn't always align with your initial bias, but reacting to the structure and adjusting your strategy is what separates reactive traders from emotional ones. Stay objective and let the chart guide your decisions.
Trade closed: target reached
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