April has been a rough month so I took some time away from performing any real-time analysis. Just pulled up my charts and the GBPAUD pair caught my eye.
As you can see this is what looks like a support turned resistance level. In fact, the price has tested and I would say consolidated several times. In fact, there are a total of four point of contact. Normally I would say more points of contact means weaker strength especially when the breakaway fractals are reflecting higher lows.
If you take a look at the 15-minute time frame, you can actually see another support turned resistance level here. There is also a moving average cross-over confirmation of a trend change. The moving average cross over is also in action on the 2-hour chart in the first chartshot. Although it hasn’t yet, it looks like the sell-off is about to begin.
Since this is a night trade or 1:30 AM in the morning, I placed a trailing stop loss in place triggering at 30-pips with a 10 pip trail.