GBP/AUD 4H Chart: Channel Up

Source: Dukascopy Bank SA
As a result of a breakout from a long term descending channel pattern, the Pound has been scoring gains in an ascending channel pattern against the Australian Dollar. At the moment of analysing it looks like the currency exchange rate is set to surge up to the 23.60% Fibonacci retracement level, which is providing resistance at the 1.6781 level. It is most likely going to occur in accordance with the ascending channel, as the trend lines of the channel are supported by monthly and weekly levels of significance, which enforce the hypothesis. Meanwhile, SWFX market sentiments reveals that there is still room for a surge, as 61% of open positions are long, which is around 10% short of being considered overbought.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.