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GBPAUD Technical Analysis
We have been carefully watching GBPAUD after we initiated our long trade in the cross, which unfortunately triggered our protective stop at our entry before posting these moderate gains. Nevertheless, we have found a technical short entry on the 4hr chart, indicating a top may have been made. We are analysing the Australian Dollar (AUD) against a basket of currencies as it is very likely a much-needed bullish correction may take place.
GBPAUD 4hr Chart
Please click on the chart to enlarge:
GBPAUD 4hr Chart 10 September 2014
We have a distinct Japanese reversal pattern known as a shooting star on the 4hr chart along with oversold technical indicators. The fundamental trigger for weakness we are expecting in GBPAUD may be caused by Chain CPI that is due to be published in the Asian session. We may increase our AUD exposure in today’s session once we conclude our technical analysis.
GBPAUD Trade Details
GBPAUD short @ market price
Take profit: 1.7514
Protective stop: 1.7709
Estimated duration: 7 days
Risk Ratio (RR): 1 : 3 (approx.)
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11/09/14 UPDATE: Despite being in a profit of 50 pips the price has reversed against our trade and triggered our protective stop loss order, incurring a loss of 44 pips.
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