GBP/AUD 1D Chart: Channel Up

Source: Dukascopy Bank SA
The Pound is surging against the Aussie on daily chart simultaneously in two ascending channel patterns. The junior, narrow range ascending channel is a representation of the rate's rebound against the large scale pattern's lower trend line. The currency exchange rate is heading for the upper trend line of the dominant channel, as it faces no resistance on its way to that level. However, the rate might still retreat before the surge occurs, as the pair is bouncing off the upper trend line of the junior pattern. Moreover, the SWFX market sentiment reveals that any direction is possible, as only 53% of trader open positions are short, which is almost neutral.

  Level  Rationale     Indicator 1D 1W 1MN
R4 1.7997/99 Trend line; monthly R2     MACD (12; 26; 9) Buy Sell Sell
R3 1.7839 Weekly R2     RSI (14) Sell Neutral Neutral
R2 1.7652/74 Monthly and weekly R1s; 23.60% Fibo     Stochastic (5; 3; 3) Sell Sell Sell
R1 1.7580 Trend line     ADX (14) Buy Neutral Sell
S1 1.7372 Weekly PP     CCI (14) Sell Sell Neutral
S2 1.7207 Weekly S1     AROON (14) Buy Buy Buy
S3 1.7021/18 Trend line; monthly PP     Alligator (13; 8; 5) Buy Neutral Sell
S4 1.6905 Weekly S2     SAR (0.02; 0.2) Buy Buy Buy
          Aggregate ↗ → ↘
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Mon, 08 May 2017 12:33:03 GMT

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