GBP/AUD seems to be in a troublesome area, it can’t seem to break this area. On the weekly the market is a bullish market, although one might ague that structure was broken but to me the structure still maintains till point X is broken.
On 30 min, market seems to be in a descending triangle, and we all know that the breakout can be of either side. Currently market seem to have a bullish breakout. I’m waiting for a higher low to be formed (on 5 min) to get in a bullish trade. This is also to make sure that the breakout wasn’t a fakeout.
Chart showing the descending triangle
5 min chart where I’m waiting for the lower high to be formed
Happy trading y’all.