GBPAUD weakens & USDSGD update
Afternoon Dynamic Traders
I've decided to update on GBPAUD as the 'Great British Pound' seems to be losing it's greatness today! There's been no real momentum in price recently due to the post-big move consolidation. But we may see a TL bob today presenting the more aggressive trader a possible short entry. MACD divergence is also present as an additional confluence. Do carry out your own analysis to see what other confluences may be present.
Of course price needs to contend with the support level and RN below, so my preference is a bob of this area for a continuation with the downtrend. I'll leave this one with you to decide what fits with your trading style.
USDSGD saw a very bullish day for price yesterday followed by another bullish morning - my stop was far enough to keep me in the trade. The bears seem to be taking back control this afternoon, hammering price down. How will the day end? Should we see a reversal candle this could well suggest the end of the current breather. We may even have a 123 top formation giving us yet another confluence for a continuation with the downtrend.
Markets have definitely been quite choppy this week, with profits coming in then being taken away - but we shouldn't concern ourselves with any of that. Focus on price, focus on your management and focus on staying disciplined.