There is an upcoming trade in the GBDAUD pair, here is the methodology of this trade:
The weekly chart is showing signs of a pullback into support with a higher highs and lows with a potential trendline break to the upside into space.
- On the daily chart, the MACDBB shows signs of consolidation with a temporary break below support. This means wait for the trade, it will take a while to manifest. When there is squeeze without direction, this means upcoming chop.
- Dynamic Level are showing clear correlation to the market. (That means this market is currently acting rational)
- We have clean space above 1.74240
- If price finds support around 1.70838, then expect price to consolidate.
The trade will be buy above 1.73250 with a stop below recent price action and a long term, target of 1.78260. Taking ½ profits at 1.75230.