GBP/AUD 4H Chart: About to reach dominant support

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3) Neutral Neutral Buy
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The previous review of the GBP/AUD currency pair concentrated on the breakout of the pair to the downside from a triangle pattern. In general, the decline has continued. Moreover, the pair is set to extend the downfall.

It has been noticed recently that the decline has occurred in a channel down pattern. The patterns is very narrow and has a strongly confirmed support line. However, the upper trend line has been touched only a couple of times on smaller timeframe charts. 

In the near future it can be expected that the pattern's resistance will be tested near the 1.7450 mark. Afterwards a bounce off should occur and the rate would decline to a dominant support line just above the 1.73 level.

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