GBP AUD- MAJOR DOWNTREND REVERSAL IN SIGHT

OVERALL SCENARIO
  • At End of a Major Uptrend;
  • Broken Inner & Outer Trend Lines;
  • Within a Large Pennant Consolidation;
  • Possible Rally to Resistance;
  • Likely Break of Support to Start Downtrend
  

CHART 1 - END OF MAJOR UPTREND












POSSIBLE SHORT-TERM SCENARIOS

  • Rally to Pennant Resistance after/without hitting Support;
  • Break of Pennant Support to Start New Downtrend;


CHART 2- PENNANT CONSOLIDATION
















 LONG-TERM SCENARIO
  • Support Likely to be Broken;
  • Major Uptrend has ended, Trend Lines Broken,Large Pennant Formed;
  • This is the typical setup for a new, major Trend Change;


 ACTION RECOMMENDED

  • Wait for Strong Bull Signal now or at Support to Trade to Resistance;
  • Wait for Strong Bearish Break to start Downtrend;
  • Aim for 100 - 200 Pips;








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Duane Shepherd 
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
Facebook: DRFXTRADING 

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