Still Favouring Moderate Weakness in GBPAUD

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GBPAUD Technical Analysis

We are already holding a long trade in AUDUSD, which is several pips from our protective stop loss order at the time of this writing. However, a technical entry has been given in GBPAUD daily chart, indicating a bearish reversal is due. The Pound-Aussie is a volatile cross, which is why we are limited in time and issue the trade alert as soon as possible.

GBPAUD 4hr Chart

Please click on the chart to enlarge:

GBPAUD Technical Analysis 25/09/14

GBPAUD 4hr Chart 25/09/14

GBPAUD moderate gains have reached a critical point on the daily chart, indicating corrective weakness is due. We are showing the 4hr chart as our protective stop loss order will be placed via an intraday timeframe in order to reduce the market exposure to GBPAUD. Our technical models provide a strong bearish signal for GBPAUD, which is we are confident in increasing our exposure to the Australian Dollar.  Our long trade in Gold is holding after the price was within a close proximity to our protective stop loss order before posting marginal gains, ensuring the trade is profitable at the time of this writing.

GBPAUD Trade Details

GBPAUD short @ market price
Take profit: 1.8320
Protective stop: 1.8597
Estimated duration: 7 days
Risk Ratio (RR):  1 : 4 (approx.)

26/09/14 UPDATE: Despite GBPAUD recent retracement, our protective stop loss was triggered, incurring a minor loss due to 4hr stop we have used for the trade.

Still Favouring Moderate Weakness in GBPAUD
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Still Favouring Moderate Weakness in GBPAUD

                                             Still Favouring Moderate Weakness in GBPAUD

Still Favouring Moderate Weakness in GBPAUD