Forex Trade Idea: GBP/AUD 4H

Here is a technical setup that caught my eye today. GBP/AUD has retraced to the 23.6 Fib level, which lines up with the support area at around 1.83322. Stochastic is showing oversold conditions and 100MA is moving closer!

Any input is appreciated! :wink:
Happy trading!

Forex Market Analysis

GBP/AUD during the recent weeks could ascend without reformation and record the top price of 1.93055.Formation of Shooting Star and Hanging Man and Spinning Top candlestick patterns with thin body in red area shows indecision market and vulnerability of ascending trend.As it is obvious in the picture below, according to the formed movements , the AB=CD harmonic pattern with the ratios of 50 and 161.8 is formed and by completing the D point of this pattern, there is a warning for descending in this currency pair.RSI indicator in weekly time frame is in saturation Buy area and warns the possibility of stopping of the ascending trend by the next cycle.Generally until the top price of 1.93055 is preserved, the price has the potential for descending and reformation.