Trading strategy for the GBPAUD currency pair

  • Dec 22 2016
Trading strategy for the GBPAUD currency pair

Strategy and research analyst on currency pair GBPAUD

Tips for successful trading in the forex market.
British Pound in the forex market is not much to boast of his strength. Only with respect to certain currency pairs it may seem better. So in this situation, Pound uses the weakness of the Australian dollar and continues to put pressure on the level of resistance. If you pay attention to the schedule of the currency and hold the level of support for the trend as low, as we can, we get the figure of a triangle. Normally, such technical analysis of the figures shows the continuation of the trend, in this particular case, the upward trend. Price less and less is rolled back after the test the resistance level. Thus there is a good chance to enter the market in the direction of the trend. We target 200 points, which in this market, given the volatility in general the forex market, is a good opportunity to increase your account with a your forex broker.

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

If the resistance level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Buy
•    The level of entry into long position: 1.7180
•    The level of profit and close the position: 1.7380 (200 pips)

Precious metal GOLD 
Possible bearish movement in the breakdown of the support level 1127

Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2310

Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0320

Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0350

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