Setup with a nice RR ratio

5 de nov. de 2019

GBPAUD

Currently the price makes a consolidation against the primary uptrend.
Considering that the overall trend is quite bullish, movement to the long direction is more likely sooner or later. The trend makes it possible to trade with nice RR ratio.
As always we cannot expect any movements from the market. Therefore, I marked the support with blue line where we have to pay attention.
If this is broken down then the first potential profit zone is marked with green line.
If the resistance marked with blue line is broken out then it is highly probable that our first profit zone will be reached on the green line. As in a bullish trend try to focus on further profit zones. This secondary profit zone is marked with blue rectangle and calculated from the daily chart with Fibo.

This setup needs to be redrawn if the price breaks down the support.