FOREX Trade of the Day: Buy GBP/AUD

Our YouTube video illustrates today's FOREX Trade of the Day and identifies further upside and downside targets.

Today's FOREX Trade of the Day was a long GBP/AUD position.

Buy: 1.8473
Sell: 1.8568

Notional Intraday Profit: +95 pips

Today's intraday Low (at the time) of 1.8473 was right around the 23.6% retracement of Friday's intraday range, rendering the retracement level a profitable Entry Buy level.

Today's intraday High of 1.8590 was above the 76.4% retracement level of the October intramonth range, rendering the retracement level a profitable Exit Sell level.

An upside target is 1.8719 and further downside targets include 1.8199 and 1.7966.

Look how technical the GBP/AUD cross rate has been in October as seen on this Monthly chart:

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