GBPAUD bears stepped in with conviction entering from a brief yet strong buy side 2.00 level liquidation last August 5!

As a result I’ve traded the down wave’s relief bounce rally, then my July 22’s preset long trade has exited in profit after holding for 9 hours:

https://www.finlogix.com/analysis/20240722/gbpaud-intraday-analysis-and-trading-plan-for-july-22-2024

There are 4 high impact economic reports each in the United Kingdom and Australia this week starting tomorrow Tuesday.

Re-assessing GBPAUD’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick current is a Green Long Upper Shadow with a Medium Body

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Long Upper Shadow with a Medium Body

Weekly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Shaven Bottom

Daily Candle: Previous close is a Green Spinning Top current is a Red Body with a Longer Head Wick

On the yearly view, GBPAUD is still trading within 2023’s upper shadow.

However, August month is already signaling a bearish price action after last August 5’s strong buy side 2.00 level liquidation.

The August 5 daily candle is extremely pointing a change in price direction to the down side!

My speculation is GBPAUD is now in a down wave move targeting the external range liquidity pool residing within the lower 4H bearish FVG.

As long as the upper 4H bearish FVG holds, this bearish thesis is valid.

There’s always a benefit in creating pre-made trade plans!

That's exactly what happened in my successful previous trade.

Remember my advice not to FOMO nor affected by FUD in the markets.

Based on the current price action, the Aussie dollar is recovering from the recent beating down from the stronger British Pound.

Going to short GBPAUD with the following sell orders:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

The AUD buyers are back in the market and as long as the upper 4H bearish FVG holds or at least becomes a selling order block, my TP target is reliable.

All trade ideas I share are my own views and for my own trades only.

GBPAUD Intraday Analysis and Trading Plan For August 22, 2024

Aug 12 2024

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