GBP/AUD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is bearish in the short term, and there are significant downside risks in the longer run, despite the major up-trend still being intact. During the next several days the rate should descend some 400 pips from 2.0851 (monthly R1 and up-trend), regardless of the bullish technical studies, though the latter fact could delay the sell-off. When the price reaches the lower boundary of the rising wedge, we should be on a lookout for a break-out, which will open up a way towards 1.96 (Jun 3 low and 11-month up-trend). However, there are still going to be significant demand areas left, such as 2.0250 (monthly PP and Jun 25 low) and 2.01 (weekly S2 and 200-period SMA).
© Dukascopy Bank SA
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