From reading members' post, 90% of members post AB=CD, 3 drive, and harmonics topping pattern and want to short this pair.
But friends, the trend is your friend, and always look at higher time frame. We can see this pair hit 38.2 fib, pullback to 23.6 fib, and then break to new high. The next target is logically 50 fib at 2.07. We can also see the pair this week break several trend line resistance.
Other than that, GBP is fundamentally bullish as UK is gonna raise interest rate within a year while AUD and commodity currency is bearish.
In my opinion, this pair is a buy in dips only (at least at this moment) as trend can extend as much as it wants. Selling is picking and putting yourself in front of a freight train.
Cheers.
But friends, the trend is your friend, and always look at higher time frame. We can see this pair hit 38.2 fib, pullback to 23.6 fib, and then break to new high. The next target is logically 50 fib at 2.07. We can also see the pair this week break several trend line resistance.
Other than that, GBP is fundamentally bullish as UK is gonna raise interest rate within a year while AUD and commodity currency is bearish.
In my opinion, this pair is a buy in dips only (at least at this moment) as trend can extend as much as it wants. Selling is picking and putting yourself in front of a freight train.
Cheers.