GBPAUD: Executing a Bullish Trade

Digital Derivatives MarketsForex, Trade Alerts

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GBPAUD Technical Analysis

Following the extensive weakness in EURUSD and the great demand for the Aussie, a technical entry has presented itself on the weekly chart. We have already released a trade alert in your YouTube Channel in AUDCHF but favour to increase the exposure to the Aussie in GBPAUD.

To recap, the Sterling was mutilated in the Forex market as GBP exposure was reduced in the ETF market. The Australian dollar enjoyed decent FX flows from the European Central Bank (ECB) decision to slash rates and introduce a new QE program where further details are expected on 2 October, 2014. We have strategically entered a short trade into EURCHF as we believe the it will be pressurised to re-test the 1.2000 floor that was set by the Swiss National Bank (SNB) and even below.

The market is still digesting today’s news and we have little time to release our latest trade alert. GBPAUD weekly chart shows top Head-And-Shoulders (H&S) which we have overlooked. The heavy weakness accelerated as the price breached the neckline, taking GBPAUD to current levels.

GBPAUD Weekly Chart

Please click on the chart to enlarge:

GBPAUD Technical Analysis 04/09/14

GBPAUD Weekly Chart 04/09/14

We are looking for a dip as recent as a firm support is noted at 1.7409. We are uncertain at this point if the expected gains will be triggered from Friday’s Non-Farm Payrolls. Similar to our previous trade in EURCAD, we hope to be to with our protective stop at the entry ahead of tomorrow’s key economic data.

GBPAUD Trade Details

Long @ market price
Take profit: 1.7805
Protective stop: 1.7398
Risk Ratio (RR): 1 : 5.8 (approx.)
Estimate duration: 14 days.

Updates regarding this trade will be posted here and sent to our subscribers.

08/09/14 UPDATE: With a slight delay, GBP was under a heavy pressure as we near the Scottish Referendum. GBPAUD long trade as stopped out on Friday’s session.

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Last Updated on August 9, 2015