GBP/AUD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
From the most recent developments in GBP/AUD it follows that the currency pair is inclined to keep advancing north. The emerging triangle is expected to be broken to the upside, and in this case the target will be a supply area between 2.0930 and 2.0960, where the weekly R1 is joined by the Nov 27 high. However, we should note that there are several counter-arguments. First, the daily technical indicators are bearish; and secondly, the Sterling is overbought in the SWFX market, as 61% of open positions are currently long. If the up-trend at 2.0765 is breached, there will likely be a decline to 2.0717/00, but it could also extend down to 2.0638/27, where the daily S2 merges with the monthly PP.
© Dukascopy Bank SA
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Wed, 09 Dec 2015 07:04:52 GMT

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