GBPAUD Event Area in Focus

·    November 6, 2014

·      November 6, 2014

·    November 6, 2014

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I highlighted GBPAUD yesterday as the pair was coming off a 280 pip intraday rally. The pair spent today pulling back, as is to be expected after such an aggressive one day move.

This pullback has reset the market and the pair appears to have found support at the aforementioned event area which resides between 1.8440 and 1.8466.

I mentioned yesterday that we should look for bullish price action around this area. The pair did form a bullish 4 hour pin bar earlier in the day, although the market dipped just below the tail for a short while.

That said, these 4 hour bars look fairly constructive and I do like this pair higher from current levels. The pending RBA statement may provide the market with the catalyst it needs to find its direction once more.

Summary: Opportunity to trade the 4 hour bullish pin bar from current levels. Do note the pending RBA statement however, which would call for a wider stop. Alternately you can watch for a bullish pin bar to form within the event area between 1.8440 and 1.8466.

GBPAUD 4 hour forex chart

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