GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/AUD is well-positioned for a rally, since the pair is currently trading right at the lower boundary of the ascending channel. The bullish outlook is reinforced by the facts that last week the price broken through the eight-month down-trend an that a majority of the technical studies is pointing north. Also, the distribution between the bulls (34%) and bears (66%) favours a stronger Sterling. The base scenario is therefore a recovery from 1.97 and through the monthly R2 at 1.9870. A contact with the upper boundary of the emerging channel is expected circa 2.01. Alternatively, in case support at 1.97 is breached, the bullish scenario will still preserve chances thanks to the solid demand areas at 1.96 and at 1.9550.
© Dukascopy Bank SA
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