GBPAUD: Trendline Retest

GBPAUD – H4 Timeframe

On the 4-hour timeframe of GBPAUD, we see the price approaching the meeting point of two resistance trendlines. Interestingly, this confluence occurs within a rally-base-drop supply zone and coincides with the 88% Fibonacci retracement level and the 100-period moving average. Again, the confluences are;

Bearish market structure;
Retest of the trendline resistance;
The confluence of resistance trendlines;
Rally-base-drop zone;
88% of the Fibonacci retracement.

Analyst’s Expectations:

Direction: Bearish

Target: 1.93001

Invalidation: 1.95128

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Author: Adetola-Freeman Ogunkunle