GBP/AUD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A similar pattern was formed by GBP/AUD– slightly more popular currency cross. Market sentiment is unclear and the number of buy and sell pending orders is equal, while technicals are mixed. According to signals from the tools of the technical analysis, the pair will climb back to the upper trend line, however, later the rally will be over, and the pair will continue moving in pattern's boundaries. A move above weekly and daily R1 as well as recent high will clear the way towards pattern's resistance. After touching 1.8236, the pair will most likely head towards 1.8072 and then to a 200-period SMA and daily S3 around 1.8019.
© Dukascopy Bank SA
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