GBPAUD Trading Idea

by: Colibri Trader

Happy 2017 Traders! It has been an year full with excitement and trades that have made us some nice pips. You can check out my last two trades HERE and HERE. They both reached their targets and have reversed sharply. The day was bearish for both the EURUSD and Crude Oil. I am not seeing more bullish signs from the EURUSD. On the other side, Crude Oil is still in an uptrend, but I would not touch it for the time being. Sometimes, you need to be grateful for what you’ve got.

GBPAUD Trading Idea

The trading idea for today is coming from GBPAUD. I am seeing a bearish formation here. The daily candle from yesterday was a bullish rejection candle (inverse pin bar). Today’s candle together with yesterday’s candle are engulfing the previous candle. This is showing us the unwillingness of the buyers to hold longer. More sellers are expected to show in the sessions to come. This looks like a short setup to me. A potential entry would be just around 1.6980. My stop loss would be placed just above 1.7100. My price target is the level of 1.6500.

Happy Trading,

Colibri Trader

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