The GBP/AUD could reject from the POC zone. We see a strong bearish confluence with D H4 camarilla pivot and ATR projection high.
In light of recent BREXIT headline risks, GBP pairs might seem chaotic and harder to trade. However in the case of this pair, we can identify its interim range between 2/8 MM 6/8 MM major octaves with space wide enough to make profitable trades. Price should be contained within the 2 major octaves.
In this market we expect a bearish move once price reaches the 20 pips POC zone, 1.8658-78 (10% of ATR14). Targets for the move are 1.8554 (D H3 // W H3 // 4/8 Octave) and if the GBP gets weaker, extended targets are 1.8432 (2/8 MM // Bottom of Interim Range), 1.8355 (D L3 // W L3 // 1/8) and 1.8249 (D L4 // -1/8). Ideally for the price to remain bearish, a close above 1.8830 should not happen, else we might see a neutral to bullish market.
Look for bearish candle pattern formations (Dark Cloud Cover, Hanging Man, Bearish Engulfing, Evening Star, Evening Doji Star, Bearish Harami Cross, Three Inside Down) to as a confirmation to entry.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,