GBPAUD - OBSERVE! 2 Possible set-ups

PAIR IN FOCUS: GBPAUD
ACTION: OBSERVE
HORIZION: SHORT-TERM

Price is currently in a falling wedge pattern. There are 2 possible set-ups for this pair. Therefore, it is better to observe the price action before any entry.

Set-up 1: Price breaks upward of falling wedge pattern and climbs to recent swing highs. It it possible to break even above that. Look out for bullish price action to confirm it before entry.

Set-up 2: Price breaks down of support/resistance level, retraces, retests and rejects it. From there a possible melt down to the lower bound of a medium-term rising channel. Look out for bearish price action @ the support/resistance levels during the retest, before any entry.

Regardless of whichever set-up you choose to trade, remember to manage your risk!

There will probably be an update on this pair when price shows the direction.

Feel free to discuss and comment, Cheers!

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