Watch the orange zone

3 พ.ค. 2020

If you look at the day trend, you would note that this pair, GBPAUD is still riding on a nice long bullish move. It has retreated slightly , giving short sellers a chance to make a near 3% return from 1.955 to 1.898.

You can see the rebound is strong. There were no bearish candles until it closed above 1.943. Now, if the price continues to charge up north and better still, break above the orange zone, then the confirmation of the bullish move is intact.

So , you can either long now (find entry in 1H chart) or wait for the orange zone confirmation (make sure it closed above the line) before initiating your long position.