Descending Triangle Pattern – A Good Trade Setup on GBPAUD - Forex News by FX Leaders

Descending Triangle Pattern – A Good Trade Setup on GBPAUD

Posted Wednesday, October 18, 2017 by
Arslan Butt • 1 min read

Our trading signal on Gold gave us a good start today as it's closed at take profit level. For now, the forex crosses are offering some good opportunities. Let's check this out.

 

Technical Overview – GBPAUD

Taking a look at 4- Hour Chart, the GBPAUD is consolidating in the descending triangle pattern which supports the pair at $1.6785. On the same level, the pair has just formed a triple bottom level.

GBPAUD - 2 Hours Chart - Descending Triangle PatternGBPAUD – 2 Hours Chart – Descending Triangle Pattern

Interestingly, the leading indicators are holding in the oversold zone. That's signaling that a bullish retracement is imminent. On the flip side, the downward trend line is providing a resistance at $1.6915

 

Support     Resistance

1.6766         1.6889

1.6719         1.6965    

1.6643         1.7012

Key Trading Level:    1.6842     

 

GBPAUD – Trading Plan

The idea is to stay in buying above $167.75 with a stop below $167.550 in order to target $168.750. We can also place a Sell Stop. It will be rational to use small trading volume for this position. Good luck!

 
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments