GBP/AUD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD took a small step above the two-day channel down pattern, which it had stepped out of for a few hours. The pair has just stepped underneath the bottom Bollinger Band at 1.6861 and has just one more level left at 1.6785 before it reaches the bottom trend-line at 1.6751. This fall should have to come almost vertical in order to maintain the established motion, which makes us believe that the trend-line could be reached later than implied by the channel, after making the motion flatter. Given the current consolidation we doubt that the channel will indeed be a good proxy for the nearest future, meaning that the pair should be watched closely for a conclusive breakout.
© Dukascopy Bank SA
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