Good morning team,
The GBPAUD has moved into a major double bottom zone at 1.74 and has set up a bullish divergence on the daily time frame suggesting a counter-trend rally may occur. There has also been a breakout from a falling wedge/channel structure, followed by a retest of the same structure. We are looking to ridge the GBPAUD higher. Looking at other similar cross pairs, EURAUD, EURNZD and the GBPNZD, they all appear to be setting up similar bullish reversal structures.
GBPAUD – Daily Chart
Trade Setup: BUY market execution, current price 1.7502, stop loss 1.7396 and take profit target 1.7729.
Stop loss: 106 pips
Take profit: 227 pips