Important technical update for GBPAUD!

Important technical update for GBPAUD!

In our previous technical comment of the GBPAUD pair (published on June 12), we have suggested strong upside wave after stabilizing above the psychological level of 2.0000.

The GBPAUD pair has soared, affirming the harmonic structure, drawing the CD leg of the previous explained crab pattern.

GBPAUD-FXCOMMENT-17-06-2015-UPDATE

Currently, Aroon-trend indicator- and Know Sure Thing continued to reflect the strength of the bullish trend and therefore, we remain bullish on the pair, aiming to visit the 0.0750 regions where the ideal target of the Fibonacci symmetry exists.

To manage our desk, we prefer to close 50% of the long position we took at 2.0050 with more than 400 pips profit and keep the remaining quantity after moving the stop loss to the entry point.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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