GBP/AUD 4H Chart: Potential breakout likely - Trade Pattern Ideas - Dukascopy Bank

Tue, 04 Jun 2019 05:57:18 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)BuyBuyNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

The British Pound has continued its decline against the Australian Dollar in a narrow descending channel since last week's trading sessions. The currency pair has lost about 1.25% in value during this time period.

Everything being equal, it is likely that the GBP/AUD exchange rate will continue its decline within this week's trading sessions. A potential breakout through the lower boundary of the narrow descending channel pattern at 1.8044.

If this breakout occurs, bearish traders could drag the currency exchange rate towards a swing low at 1.7877 during the following trading sessions.


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