Will the Pair Move Higher?

  


There are visible bullish patterns on the GBPAUD 1 Hour time frame that can be signalling traders of a possible move higher. The blue bullish market pattern already triggered buyers at the BC 0.50% Fib. retracement level and the pair reacted with a small push higher from this level. At the moment more confirmation of upside momentum will be if price moves above the top of the 2 purple bullish flag breakout patterns. A break above the purple flag patterns can trigger more buyers and possibly push price higher. For now GBPAUD needs to break above the 1.8175 level (orange) to signal more buyers that price can extend higher and only a break above 1.8237 (green) will confirm that buyers/bulls have taken control and a rally higher towards the 1.84 handle will be the bulls target level. If price does not move higher and breaks below 1.8067 level (pink) then a move lower to re-test the November 9/2020 lows will be the sellers/bears target level. Only time will tell what GBPAUD will do but at least now you know what to expect if the pair breaks higher or dips lower.

GBPAUD 1 Hour Chart November 14/2020

GBPAUD, forex, trading, elliottwave, bullish patterns, @AidanFX, AidanFX

 

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

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