GBPAUD Potential cup-and-handle play
A very clear cup has formed on the daily, having touched resistance of 1.8 again to complete it. IF we now get an angled retrace that fits the shown handle area, AND it breaks up above 1.8 then the target could be around 1.88-1.89.
Strategy should be to wait for handle shape to retrace up to 1/3 distance to bottom of cup, break above 1.8 and successful back-test to 1.8 again before going long.
Keep an eye on this folks. If all the ducks line up this could be a very strong technical setup!
Strategy should be to wait for handle shape to retrace up to 1/3 distance to bottom of cup, break above 1.8 and successful back-test to 1.8 again before going long.
Keep an eye on this folks. If all the ducks line up this could be a very strong technical setup!