GBP/AUD Continuing to Make Higher Lows and Push Price Higher
GBP/AUD left a lot of buyers trapped June 2021 between 1.849 – 1.955 levels. (Daily TF) But price looks like its slowing climbing back to the highs. We see price rebounding off of this 1.8200 price zone continuing to make Higher Lows. Looks like buyers are trying to make a statement.
If we expand out to a weekly tf, we can see that buyers are definitely rallying; creating higher lows and breaking previous structure.
I can see price wanting to retest those highs at the next weekly resistance at 1.9550.
A solid swing trade opportunity for me would be getting a retest of that previous broken structure for buying opportunities.
Will price hit resistance before retesting? Who knows? If we drop down lower to an H4 timeframe, we can see buyers continuing to drive price higher with no signs of turning back.
We can see price riding this trendline, respectfully. We have H4 support at 1.88400 and a couple of things come to mind. We can get a retest of support and the smaller trendline and a continuation up OR we can see a break of the smaller trendline and a break and close below support for a trade back into the larger trendline.
Similar ideas on the H1 timeframe.