Day trading strategies on currency pair GBPAUD 8-08-2016 by AzaForex forex broker, pay attention, loss markers

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After a huge failure GBP seems to continue the collapse against the AUD. This currency pair is particularly volatile in relation to other currencies in the Forex market. Such large-scale movements can be seen on the charts only for few currency pairs. Also now the couple came to the level of support and intends to overcome the resistance of the bulls and fall down again as it is almost impossible to catch something else. So, we will put a pending order with pretty big target of more than 200 points. This currency pair may well justify our hopes for earnings in this trend. If it begins its movement, then it will be difficult to stop it. If everything goes according to our technical analysis, then, when the pair will approach our target we'll revise our position. After all, if the GBP will continue to be under pressure on world currency markets, you can earn even more.

The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.

If the support level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Sell
•    The level of entry into short position: 1.7045
•    The level of profit and close the position: 1.6800 (245 pips)


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Possible bullish movement in the breakout of the resistance level 102.50

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Possible bearish movement in the breakdown of the support level 1.1040

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Possible bearish movement in the breakdown of the support level 1328
 
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9830