GBPAUD Trade Analysis
Current Trend: Sideways box / range.
Support Levels: 1.7988.
Resistance Levels: 1.8286.
GBPAUD Daily Chart
GBPAUD Trade Ideas
This pair is forming a fairly straightforward and clear cut range pattern on the daily chart.
As both the attached daily and 4 hour charts show, price has clear support and resistance levels that it is rotating between.
Whilst conservative traders could look to continue to play both long and short trades whilst this range holds, I will be watching for potential short trades on a breakout through the support level.
A breakout through the support level around 1.7988 would offer higher reward trades with price having more room to fall lower into.
Potential breakout short trades could be watched for on both the daily and smaller intraday time frames.
GBPAUD 4 Hour Chart
SILVER Trade Analysis
Current Trend: Sideways range.
Support Levels: 22.57.
Resistance Levels: 24.52.
SILVER Daily Chart
SILVER Trade Ideas
Similar to the price action we discussed with Gold last week, Silver is building momemtum to potentially break the major daily chart support level.
A break of this level could lead to a large and agressive move lower and activate potential short trades.
The best breakout trades could be watched for on the smaller intraday time frames such as the 1 hour chart and below looking for price to make a close below this level.
This market has been more sideways in recent sessions compared to Gold and a break lower could see price quickly collapse.
This looks a market to keep a close eye on in the coming sessions.
SILVER 4 Hour Chart
